Mumbai : Edelweiss Group, India’s leading diversified financial services conglomerate, has promoted Ashish Kehair to Managing Director and Chief Executive Officer of Edelweiss Wealth Management (EWM). In this role, Ashish will lead the strategic initiatives and business operations for EWM, reporting to the Board of Directors. The appointment is subject to regulatory approvals.
Ashish Kehair is recognized as an industry leader in wealth management and private banking having 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 Kehair will replace Nitin Jain who is departing the organization after a transition period to pursue entrepreneurial interests.
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.
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 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 INR 1,043 crores and Profit after Tax of INR 245 crores for FY21 and has consistently outpaced the market while making rapid strides in industry rankings as is evident in the customer assets under advice that now amount to INR 1.68 trillion, from just INR 185 billion around 6 years ago 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 ~38.5% stake in EWM with the option to increase it further to up to ~44%.