Religare appoints Saurabh Nanavati as CEO for AMC biz

Financial services firm Religare Enterprises today said Saurabh Nanavati will head its asset management business, following its acquisition of Lotus India AMC last month.     

"Religare has decided in principle to appoint Saurabh Nanavati as Chief Executive Officer for its AMC business.

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, it added.