Mumbai: US-based financial services firmMorgan Stanley on Thursday appointed P.J. Nayak as chief executive and country head for its India operations.
Nayak, a former chairman and chief executive of Axis Bank Ltd, is currently an operating partner at Advent International Private Equity and the non-executive chairman of Motilal Oswal Asset Management Co. Ltd.
New role: Former chairman and chief executive of Axis Bank P.J. Nayak will assume duties at Morgan Stanley in April. Ashesh Shah/Mint
“We have made significant investments over the last few years, and under Jayendra’s leadership our commitment, focus on clients and business expansion will continue,”Owen Thomas, chief executive of Morgan Stanley Asia, said in a statement.
“I have not yet joined the institution. I will do that only in April, hence it will not be right for me to comment on the business,” Nayak told ‘Mint’, but added that “the intention is to scale up the business”.
Nayak quit Axis Bank in April 2009, just ahead of his July retirement after the bank’s board picked an outsider, Shikha Sharma, over an internal candidate to replace him.
Nayak has also been a member of the technical advisory committee for monetary policy at the Reserve Bank of India.