Aashish Somaiyaa quits Motilal Oswal AMC after 7 yr-stint, Navin Agarwal new MD & CEO

The next destination for Somaiyaa is reportedly a Delhi-based NBFC company InCred. Navin Agarwal is a veteran at MOFSL with over 20 year tenure

Kumar Shankar Roy Jul 31, 2020
Aashish Somaiyaa, MD and CEO, MOAMC

Aashish Somaiyaa, MD and CEO, MOAMC

Motilal Oswal Group has announced that Navin Agarwal, who has been Managing Director, Motilal Oswal Financial Services Ltd (MOFSL) till date, will lead Motilal Oswal AMC (MOAMC) as its MD & CEO.

This was necessitated after incumbent Aashish Somaiyaa put in his papers as MD & CEO of Motilal Oswal AMC in pursuit of his personal aspirations to work for a start-up. Moneycontrol reported that Soamaiyaa is slated to join financial services firm InCred.

Agarwal had joined Motilal Oswal Group in 2000. Somaiyaa, had joined Motilal Oswal in 2013 and grew the mutual fund business manifold to over Rs 17,000 cr AUM, marketing the ‘buy right, sit right’ philosophy.

“Considering the importance of the Asset Management Business, the MOFSL board has decided that Navin Agarwal who has been with MOFSL over the last 20 years and has been instrumental in developing the entire portfolio of MOFSL businesses, will relinquish executive responsibilities at MOFSL and take up full time assignment as Managing Director and CEO of MOAMC. On behalf of the board, he had also been overseeing the AMC business closely for the past 2 years,” a statement said, after the conclusion of a board meeting on Friday.

MOFSL said it is very confident that Navin’s induction as MD & CEO of MOAMC, with Raamdeo Agrawal continuing as Chairman, will not only ensure continuity but also provide strong leadership and huge scalability to the AMC business

Meanwhile, the company’s board at its meeting also approved the appointment of Rajat Rajgarhia as the Whole-time Director & Designated Director of MOFSL, subject to approval of the shareholders and stock exchanges.

Kumar Shankar Roy

Kumar Shankar Roy is contributing editor with RupeeIQ. Kumar is a financial journalist, with a functional experience of 15 years. He tracks mutual funds, insurance, pension, PMS, fixed income/debt and alternative investments markets closely. He has worked for The Times of India, The Hindu Business Line, Deccan Chronicle Group, DNA, and Value Research, among others, across different cities in India. He is deeply interested in marrying data insights with actionable opinion. He can be contacted at kumarsroy@rupeeiq.com.

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