Nitin Rao, CEO of Reliance Wealth Management has quit abruptly. Rao had joined the firm last April from HDFC Bank to boost the Anil Ambani-controlled group’s wealth management business.
Rao’s appointment was considered a high profile one as was one of the top executives in HDFC Bank’s wealth management business--among the biggest in the country. He had joined the group after spending 18 years at the bank.
The wealth management industry veteran is said to have resigned amidst talks of the debt-ridden Reliance Group’s plan to bring the business back into Reliance Securities.
When Rao had joined the firm, the group had carved the wealth management arm out of Reliance Securities to give it a fresh start as part of Anmol Ambani’s plan to grow Reliance Capital.
An alumnus of Symbiosis Institute of Business Management, Nitin was reporting to Anmol Ambani and was responsible for driving a more broad-based strategy for growing the wealth management offering to high net worth individuals. At HDFC Bank, he was Executive Vice President – Private Banking Group & Third Party Products and had built its wealth business from the scratch into a significantly dominant leadership position.