New Delhi: Financial services firm Religare Enterprises today said Saurabh Nanavati will head its asset management business, following its acquisition of Lotus India AMC last month.
“The appointment shall formally come into effect within the next few days," Religare said in a statement.
Besides, Ajay Bagga would resign as the CEO of Lotus India Asset Management Company. “Bagga, the incumbent CEO of Lotus India AMC, has decided to step down and will pursue other career opportunities," the statement added.
“Saurabh is familiar with the Religare culture and ethos and has been involved with our AMC plans for over a year now. We have global ambitions for our asset management business and we are committed to take this business to a leadership position," Religare Enterprises CEO and managing director Sunil Godhwani said.
Prior to this assignment, Nanavati was the chief investment officer for HDFC Standard Life in India.
Last month, market regulator SEBI had approved the acquisition of Lotus India AMC, by Religare Securities, the wholly-owned subsidiary of Religare Enterprises. After the acquisition, Lotus AMC would be renamed as Religare AMC, which would be a 100% arm of Religare Securities Ltd.