Motilal Oswal Asset Management Company has appointed Navin Agarwal as MD & CEO with the incumbent Aashish Somaiyaa putting in his papers. Motilal Oswal, CMD 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.

Navin has been with the company for 20 years and has been instrumental in developing entire portfolio of businesses, including MOAMC, he said and added he had also been overseeing the AMC business for last 2 years,.

“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 Whole-time Director and Designated Director, subject to approval of the shareholders and stock exchanges.