You arrived in Luxembourg 30 years ago from India. Did you ever imagine leading one of Europe’s largest Manco platforms?
Kavitha Ramachandran. – “Not at all. When I arrived in Luxembourg in 1996, the fund industry was entering a period of extraordinary growth. Looking back, I realise how fortunate I have been to grow alongside the industry itself. The common thread throughout my career has always been people. Mentors, colleagues and leaders who believed in me, encouraged me and pushed me beyond my comfort zone. Every important step in my journey was made possible by people who helped me see opportunities that I might not have seen myself.
What does this appointment mean to you personally?
“It is both an honour and a responsability. Fundrock is one of the most recognised brands in the European third-party Manco industry. It has a strong history, an outstanding client base and a talented team. My objective is to build on those foundations and ensure we remain the partner of choice for asset managers as the industry evolves.
How has your day-to-day life changed since the announcement?
“The agenda is certainly busier. But I enjoy that aspect of the role. I enjoy meeting people, attending industry events and discussing the future of our business with clients, partners and colleagues. Leadership is ultimately about relationships, and I gain a lot of energy from those interactions.
What are your immediate priorities?
“I often describe them as the ‘four Ps’: people, partners, process and platforms. People come first: our employees, our clients and our partners. At the same time, we need to continue strengthening our operational processes and investing in technology platforms. The industry is changing rapidly. Our role is to ensure we remain agile while continuing to deliver the governance and oversight that clients expect from us.
What matters is having the right combination of expertise, technology and client proximity.
Fundrock in Luxembourg oversees nearly €210bn in assets. How do you manage an organisation of that scale?
“Scale is important, but scale alone is not enough. What matters is having the right combination of expertise, technology and client proximity. Fundrock has built a strong reputation because it combines those elements. We have the infrastructure and resources of a large organisation while maintaining close relationships with clients. That balance becomes even more important as the industry becomes more complex.
AIFMD II has now entered into force. What will it change for management companies?
“AIFMD II brings greater clarity around a number of important topics, including liquidity management tools, loan origination funds, delegation frameworks and reporting obligations. For management companies, it reinforces a broader trend: the move from compliance towards governance.
Our role is no longer limited to ensuring regulatory compliance. We increasingly act as governance partners for asset managers and fund boards. That partnership dimension will become even more important in the years ahead.
How do you see the Manco model evolving?
“The traditional compliance-driven model is evolving into a governance and partnership model. Asset managers expect more from their Manco partners. They need support on governance, distribution, technology, data management and regulatory change. Our value proposition therefore extends well beyond regulatory oversight. The future belongs to organisations that can combine expertise, technology and strategic partnership.
Technology is transforming the industry. What role will AI play?
“AI is no longer a future topic. It is already transforming the way financial services operate. At Apex Group, we have invested significantly in AI, including appointing a Chief AI and Data Science Officer at group level. We are exploring how AI can improve efficiency, support decision-making and create value for clients.
The key challenge is not whether to adopt AI. The challenge is how to adopt it responsibly, with the right governance and controls.
Is the industry still underestimating the scale of that transformation?
“I think the industry now recognises that AI is inevitable. Perhaps a few years ago there was still some uncertainty. Today, that uncertainty has largely disappeared. What we see now is a race to understand how AI can be integrated into business models in a meaningful way. The firms that succeed will be those that approach the transformation proactively rather than reactively.
Apex repeatedly describes Luxembourg as its most important global hub. Why?
“Because Luxembourg remains at the centre of many of the major developments shaping the asset management industry. Private markets, tokenisation, cross-border distribution and regulatory innovation – many of these developments are happening here. The country benefits from a unique ecosystem where regulators, policymakers and industry participants work closely together. That ability to collaborate has been one of Luxembourg's greatest strengths for decades.
What opportunities excite you most today?
“Private markets remain extremely attractive, particularly private equity, private credit and infrastructure. At the same time, I believe wealth management will be one of the most significant growth drivers in the coming years. We are seeing increasing demand from mass affluent investors for access to private market strategies through structures such as Eltifs and other semi-liquid products. That trend is only beginning.
You have long advocated for diversity and mentoring in financial services. Why is that important?
“Because talent flourishes when people are given opportunities and support. I have personally benefited from mentors throughout my career, and I believe it is important to create similar opportunities for the next generation. At Apex, we have initiatives such as the Women's Accelerator Programme and various mentoring networks that help individuals develop professionally and build confidence. Diversity is not simply about representation. It is about bringing different perspectives together to make better decisions.
Finally, how would you define your leadership style?
“A concept that has stayed with me comes from Insead professor Subi Rangan. He describes leadership through three principles: caring, commitment and courage. Those three values resonate strongly with me. If I can bring caring, commitment and courage into the way I lead Fundrock and support our people, clients and partners, I will consider that a success.”
This article was written for the July 2026 issue of Paperjam magazine, published on 17 June. The content is produced exclusively for the magazine. It is published on the site to contribute to the full Paperjam archive.
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