Navin Agarwal who was Managing Director at Motilal Oswal Financial Services Ltd (MOFSL) has taken over from Aashish Somaiyya as MD and CEO of Motilal Oswal Asset Management Company. MOFSL is the parent company of the diversified Motilal Oswal group and Agarwal will be stepping down from his role there to focus on the AMC.
"Navin Agarwal who has been with MOFSL over the last 20 years and has been instrumental in developing the entire portfolio of MOFSL businesses, will relinquish executive responsibilities at MOFSL and take up full time assignment as Managing Director and CEO of MOAMC. On behalf of the board, he had also been overseeing the AMC business closely for the past 2 years", a press release from the group said. "Aashish Somaiyaa has decided to move on from the post of MD & CEO of Motilal Oswal AMC in pursuit of his personal aspirations to work for a start-up," it added.
Somaiyya had a high profile both on traditional and social media, however financial planners do not believe that the exit will affect investors in a significant manner. "I don't think anything changes from an investor's point of view. Ultimately process drives an AMC like Motilal Oswal rather than any one individual," said Viral Bhatt, founder, Money Mantra.