Our Company

Ram Kelkar, CFA

Principal, Managing Director, Financial Risk Management, Capital Markets
Chicago, IL, US

Tel: +1 312 7260677

E-Mail | Download bio | VCard

Professional Designations

  • Chartered Financial Analyst (CFA)


  • BTech (EE), Indian Institute of Technology (IIT), Bombay
  • MS (Comp Sci), University of Wisconsin–Madison
  • MBA, Finance, The Wharton School of the University of Pennsylvania

Current Responsibility

Ram is a principal and managing director in the Capital Markets Group of Milliman Financial Risk Management LLC (FRM). He manages the trading teams in Sydney, London, and Chicago that execute securities and exchange-traded and OTC derivatives transactions on behalf of investment advisory clients, including insurance companies, pension plans, funds and other financial institutions.

FRM is a market leader in the field of risk management strategies, providing investment advisory, hedging, and consulting services on over $168 billion in global assets, and managing complex portfolios of securities and derivatives instruments in ETF, equity, fixed income and foreign exchange markets. Key focus areas include ETF strategies; derivatives portfolio management and dynamic replication of equity, interest rate and FX hedge strategies; managed volatility funds and the Milliman Managed Risk Strategy (MMRS); and risk management of fixed, variable and equity-indexed annuities.


Ram has more than 29 years of experience in the capital markets, having previously worked for Citigroup, Merrill Lynch, and Allstate. He was a director of ALM and derivatives strategy at Allstate Insurance in Northbrook, Illinois, and a managing director at Merrill Lynch in the Strategic Solutions Group. He was a managing director in the structured finance and derivatives areas at Citigroup in New York and in London.

  • Work at Milliman

    • “I was offered a chance to come in, shake things up, create something."
    Work at Milliman