US Contacts
Ram Kelkar
Principal, Managing Director, Financial Risk Management, Capital Markets
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, Amsterdam, and Chicago that trade cash securities and derivatives, including both exchange-traded and OTC derivatives, in equity, fixed income, FX, credit, and other markets on behalf of investment advisory clients, including insurance companies, funds, ETF issuers, and other financial institutions.
Milliman FRM is a global leader in providing risk management services to the retirement savings industry. Milliman FRM provides investment advisory, hedging, and consulting services on approximately $176.1 billion in global assets (31 December 2021). Key focus areas 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; MARC5 (Multi-Asset Risk Control) Index for FIAs; and sub-advisory services for ETF issuers and for ETF Managed Portfolios.
Sam Nandi
Consulting Actuary
Sam leads the actuarial team within Milliman's Financial Risk Management practice in Chicago. He has played a major role in the development of Milliman's MG-Hedge platform and its implementation for many leading life insurers and reinsurers, both within the United States and globally. His work encompasses market risk management for variable annuity guarantees and options embedded within index annuity products. He has served Milliman's clients in a number of different ways, including offering advisory services on best practices, delivering and implementing software and modeling tools for in-sourced programs, and managing hedge programs that have been outsourced to Milliman.
International Contacts
Rikiya Ino
Principal and Senior Consultant
Rikiya Ino joined Milliman’s Tokyo office in February 2001.
He is responsible for providing financial risk management services, including pricing, hedging, and reinsurance of variable annuity minimum guarantees. He also supports many insurance companies in annuity product development and embedded value reporting.
Victor Huang
Principal and Head of Investment Solutions Asia-Pacific
Victor Huang is a principal with Milliman and heads up the Investment Solutions team in Australia. He has been with Milliman since 2008.
Victor currently leads a team of portfolio managers, actuaries, and traders who design and implement investment strategies within superannuation, (re) insurance companies, ETF managers, and managed accounts.
Strategies Victor has worked on include tail risk hedging, currency hedging, and rebalancing overlays for funds, as well as dynamic hedging programs for investment guarantee products and defined benefit liabilities.
Neil Dissanayake
Principal and Director of European Trading
Neil Dissanayake is a principal with Milliman, Director of European Trading for Milliman’s Financial Risk Management Practice, and has been with Milliman since 2006.