Ashish Kehair will replace Nitin Jain as managing director and chief executive officer of Edelweiss Wealth Management (EWM). In the new role, Ashish will lead the strategic initiatives and business operations for EWM, reporting to the Board of Directors, the company said in a press statement on Wednesday. Nitin Jain, who worked with the Edelweiss group for almost 15 years, resigned last month to pursue entrepreneurial interests.
Ashish Kehair was the head of the 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
Ashish is supported by a strong Core Leadership Team comprising Alok Saigal, Anshu Kapoor, Rahul Jain, Riyaz Marfatia, Shiv Sehgal, and Varun Bajpai brings rich and diverse industry experience and have been part of co-creating the EWM business.
In a statement on Ashish Kehair’s appointment, Rashesh Shah, Chairman & MD of Edelweiss Group, said: “We are fortunate to have a proven industry veteran in Ashish Kehair take on the leadership of EWM and work collaboratively with the stakeholders to take EWM forward. Ashish is a proven business and people leader, and we look forward to supporting his success.”
EWM reported revenues of Rs 1,043 crores and a net profit of Rs 245 crores for FY21. Its customer assets under advice now amount to Rs 1.68 trillion, rising from Rs 185 billion in 2015.
PAG, one of the world’s largest Asia-focused investment groups, has recently made a strategic investment in EWM for a stake of 61.5%. Edelweiss continues to hold a 38.5% stake in EWM with the option to increase it further to up to 44%.