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Motilal Oswal Asset Management Company has appointed Navin Agarwal as MD and CEO, with the incumbent Aashish Somaiyaa putting in his papers.
Motilal Oswal, Chairman and Managing Director of Motilal Oswal Financial Services in a tweet said Aashish Somaiyaa has decided to move on from Motilal Oswal AMC in pursuit of his personal aspirations to work for a start-up.
Subsequently, he said Navin Agarwal has taken over as MD and CEO of Motilal Oswal AMC. Navin has been with the company for 20 years and has been instrumental in developing entire portfolio of businesses, including MOAMC. He had also been overseeing the AMC business for last two years, he said.
"I am very confident that Navin’s induction as MD & CEO of the Asset management business, with Raamdeo Agarwal continuing as Chairman, will not only ensure continuity but also provide strong leadership and huge scalability to the business," he added.
As of June quarter, Motilal Oswal Mutual Fund had an average asset under management of ₹17,230 crore.
MOFSL at its Board Meeting has also approved appointment of Rajat Rajgarhia as the full-time Director and Designated Director, subject to approval of the shareholders and stock exchanges.
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