Nitin Rao has joined Reliance Wealth Management, a subsidiary of Reliance Capital, as Chief Executive Officer. He will be responsible for driving a more broad-based strategy for growing the wealth management offering to high net worth individuals and will report to Anmol Ambani, Executive Director, Reliance Capital, said a press release from the company.
Prior to this, Rao was with HDFC Bank, where he was Executive Vice President-Private Banking Group and Third Party Products. During his 19-year long tenure in HDFC Bank, Rao was instrumental in building its wealth business into a significantly dominant leadership position.
About Rao’s role in Reliance Capital Ambani said, "The business has delivered strong performance in recent years focusing on ultra High net worth individuals, with Assets Under Management (AUMs) increasing to Rs 7,000 crore. Having built a credible open architecture platform, under Nitin’s guidance, this business will target all segments of the customer wallet and look to build substantial market share going forward.”
Rao has had a multidisciplinary career of 28 years across equity research, product management, distribution of investment products and managing high net worth banking programmes. He is an engineer from the College of Engineering, Pune and holds a Post Graduate degree in Management from Symbiosis Institute of Business Management, the press release added.