Reliance Wealth Management, a subsidiary of India-based Reliance Capital, has appointed Nitin Rao as its new CEO.
He will be accountable for heading up a more broad-based strategy for strengthening the wealth management offering to high net worth individuals.
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Rao will report to Anmol Ambani, executive director of Reliance Capital.
Prior to assuming the new role, Rao worked with HDFC Bank for nearly 19 years. He most recently served as the executive vice president of private banking group and third party products at HDFC Bank.
Ambani said: “I am delighted to welcome Nitin as the CEO of our wealth management business. The business has delivered strong performance in recent years focusing on ultra high net worth individuals, with assets under management (AUMs) increasing to INR70bn ($1.07bn).
“Having built a credible open architecture platform, under Nitin’s guidance, this business will target all segments of the customer wallet and look to build substantial market share going forward.”
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By GlobalDataIn his over 28 years of career, Rao has worked across equity research, product management, and distribution of investment products besides managing high net worth banking programmes.
