Aashish Somaiyaa exits Motilal Oswal AMC after 7 year at the helm

Aashish Somaiyaa has decided to exit from Motilal Oswal Asset Management Company (AMC) after heading the fund house for seven years.

Navin Agarwal, who had been managing director for Motilal Oswal Financial Services, will lead the AMC as its managing director (MD) and chief executive officer (CEO).

“Aashish Somaiyaa has decided to move on from the post of MD and CEO of Motilal Oswal AMC in pursuit of his personal aspirations to work for a start-up,” the company’s press release read.

According to industry grapevine, Somaiyaa may be joining Paytm AMC, but the same could not be ascertained.

In March quarter of 2012-2013 (FY13), when Somaiyaa took charge as MD and CEO, the average asset size of Motilal Oswal AMC stood at Rs 538 crore, which is today Rs 17,230 crore.

Under Somaiyaa, the AMC has widened its product basket from exchange traded products to actively-managed equity products, with focused portfolios being a key focus area.

Part of the reason for fund house’s smaller asset base compared to other peers, can be AMC’s main focus on equity products, and largely steering clear of debt product offerings.

The AMC has also gained a sizeable market share in the portfolio management services (PMS).