Religare Macquarie appoints CEO

The India-based JV hires Vikas Agnihotri from Deutsche Bank to spearhead its private banking offering.
Religare Macquarie Wealth Management, a joint venture between India's Religare and Macquarie, has poached Vikas Agnihotri from Deutsche Bank to be the JVÆs chief executive officer.

Agnihotri has almost two decades of experience in the Indian financial services market. His most recently role was commercial director, private and business clients at Deutsche Bank. Before Deutsche, he worked with Standard Chartered Bank where he held various positions, including sales director for consumer banking. Agnihotri has also worked with ANZ Grindlays Bank for almost seven years.

Agnihotri will oversee Religare MacquarieÆs business operations based in the head office in Mumbai. As CEO he will be responsible for designing and implementing strategies with a focus on creating, preserving and growing wealth for the firmÆs clients. Agnihotri will report to the six-member Religare Macquarie board which has equal representation from its two parents.

ôWith the appointment of Vikas as CEO, we have in place the central leadership team set to offer our customers an advisory-led wealth management service which would be at par with some of the best in the category globally,ö says Alan Corr, a director at Religare Macquarie Wealth Management.

Religare is a financial services company founded by the Singh family, which also founded Indian pharmaceutical major, Ranbaxy Laboratories. The family recently sold control of Ranbaxy to Japanese firm Daiichi at a valuation of $8.5 billion and it is widely expected that some of the proceeds will be deloyed to build Religare's businesses.

Religare Wealth Management Services entered a 50:50 joint venture with MacquarieÆs banking and financial services group in October 2007 to work together on offering private banking services in India. The firms intend to build an advisory-based wealth management service to cater to the fast growing number of high-net-worth individuals in India. The JV combines ReligareÆs local knowledge, distribution network and execution capabilities with Macquarie's wealth management and product expertise.
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