Mumbai-based Motilal Oswal Financial Services Ltd. has appointed A V Srikanth as chief executive of its private wealth management business, under its arm Motilal Oswal Wealth Management Private Ltd.
Srikanth, who has put in over 14 years across the financial service space, was working with as an executive director and director before joining Motilal Oswal. He has also worked with HSBC as the senior vice-president of wealth management, Zurich AMC and Citibank.
The private wealth management business of Motilal Oswal Financial Services Ltd. is known by its brand name Purple.
Founded in 1987, Motilal Oswal Financial Services provides investment banking and advisory services including capital raising in international and local capital markets, mergers and acquisition advisory, private placements and restructuring advisory. It has operations in 1,500 outlets spanning 500 cities and claims a customer base of 5,00,000. The company also offers commodity trading facilities and related products and services, with a focus on small and medium enterprises.
The other subsidiaries of Motilal Oswal Financial Services Ltd. include Motilal Oswal Securities Ltd, Motilal Oswal Investment Services, Motilal Oswal Investment Advisors Pvt Ltd, Motilal Oswal Private Equity Advisors Pvt Ltd and Motilal Oswal Asset Management Co. Ltd. In 2007, the company raised $59.77 million through an IPO. A year before that, New Vernon Private Equity Ltd along with Bessemer Venture Partners India had invested $28.3 million in the company.