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Nitin Rao quits Reliance Wealth; Farmahan exits Avendus arm

Mumbai: Nitin Rao, the chief executive officer of Reliance W..

Mumbai: Nitin Rao, the chief executive officer of Reliance Wealth Management has quit abruptly, a little over a year after joining the firm from HDFC Bank.

The wealth management industry veteran is said to have resigned amid talk of the debt-ridden Reliance Groups plan to bring the business back into Reliance Securities.

Separately, Amrita Farmahan, who joined KKR-backed Avenduss wealth management arm at a senior position from Reliance last year, has left the firm.

An email query to Reliance Capital did not elicit a response. In response to an email query, Avendus Wealths managing director George Mitra confirmed Farmahans exit from the firm. Rao and Farmahan could not be reached for comments. Rao did not respond to a text message seeking response.

Rao was roped in from HDFC Bank in early 2018 to boost the Anil Ambani-controlled groups wealth management business. The appointment was considered high profile as Rao was one of the top executives in HDFC Banks wealth management business–among the biggest in the country. He spent 18 years at the bank.

With Rao joining the firm, the grouRead More – Source

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