Ram Kelkar
Ram Kelkar is a principal and managing director, and heads up the Capital Markets and Trading Group of Milliman’s Financial Risk Management Practice (FRM). He manages the trading teams in Sydney, London, and Chicago that trade cash securities and exchange-traded and OTC derivatives, in equity, fixed income, FX, credit, and other traded markets on behalf of investment advisory clients.
Milliman FRM is a global leader in advising large financial institutions across the life insurance, fund management and ETF sectors, providing investment advisory, hedging, and consulting services for over $261 billion in global assets as of March 31, 2026. Key focus areas for Milliman FRM include risk management and outsourced hedging of life insurance liabilities, including variable annuities (VAs), fixed indexed annuities (FIAs), and RILAs and Buffered/Defined Outcome strategies; sub-advisory services for managed volatility funds and Milliman’s Managed Risk and Risk Parity strategies; the MARC5 and InnovatIV/InnovALT volatility controlled indices; and sub-advisory services for ETF issuers and for ETF Managed Portfolios.
Experience
Ram has 30+ years of experience in the capital markets, having previously worked for Citigroup, Merrill Lynch, and Allstate. He started his career in the capital markets at Citigroup, where he was a managing director in the structured finance and derivatives areas in New York and London. He was responsible for ALM and derivatives strategy at Allstate Insurance and was a managing director in the capital markets and derivatives group at Merrill Lynch in New York.
- Chartered Financial Analyst (CFA)
- MBA, Finance, The Wharton School of the University of Pennsylvania
- MS, Computer Science, University of Wisconsin–Madison
- BTech, EE, Indian Institute of Technology (IIT), Bombay