Ashish Kehair will replace Nitin Jain who is departing the organization after a transition period to pursue entrepreneurial interests.
Edelweiss group on Wednesday said it has promoted Ashish Kehair as managing director and chief executive officer of Edelweiss Wealth Management, the group said in a statement.In this role, Ashish will lead the strategic initiatives and business operations for Edelweiss Wealth Management (EWM), reporting to the board of directors. The appointment is subject to regulatory approvals.
Ashish Kehair has served as head of the EWM wealth management division since 2017. In that role, he has been responsible for expanding assets under advisory since joining. He has previously held executive positions with IDFC Bank and ICICI Securities.
Ashish is supported with a strong core leadership team comprising of Alok Saigal, Anshu Kapoor, Rahul Jain, Riyaz Marfatia, Shiv Sehgal and Varun Bajpai, each of whom brings rich and diverse industry experience and have been part of co-creating the EWM business.
EWM reported Revenues of Rs 1,043 crore and Profit after Tax of Rs 245 crore for FY21.
PAG, one of the world's largest Asia-focused investment groups has recently made a strategic investment in EWM, for a stake of about 61.5%. Edelweiss continues to hold approximately 38.5% stake in EWM with the option to increase it further to up to 44%.
On a consolidated basis, the company reported a net profit of Rs 18.09 crore in Q1 FY22 as compared to net loss of Rs 245.08 crore in Q1 FY21. Total income declined 13% to Rs 1,670.44 crore in Q1 FY22 over Q1 FY21.
The Edelweiss Group is a diversified financial services companies, providing a broad range of financial products and services. Its businesses include asset management, NBFC, housing finance, asset reconstruction, wealth management, life insurance, general insurance and insurance broking.
Shares of Edelweiss Financial Services spurted 4.40% to Rs 83.10.
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