Integrated wealth management patform Nuvama Group, on Tuesday announced the appointment of former HSBC and Tata executive Bharat Kalsi as group chief financial officer and head of strategy.
The move was made to strengthen Nuvama's leadership team and its position globally.
An MBA in finance, along with being a CFA and CPA, Kalsi brings over 24 years of experience in finance, tax, investments, M&A, investor relations, corporate strategy and regulatory affairs.
Earlier, he has worked with HCL Tech, HSBC, Max Group, Tata, and the Bajaj group. In his most recent assignment, he served as the CFO and head of Product & CS functions at Bajaj Allianz Life Insurance.
Kalsi will succeed Mihir Nanavati, who helped steer Nuvama’s journey from a demerger to its successful listing.
Nuvama oversees Rs 3.5 trillion worthof client assets and caters to a diverse client set, including 1.2 million HNIs, and 3,600 of India’s most prosperous families, as of FY24.
Nuvama offers wealth management solutions, covering investment advisory, estate planning, investment management, lending and broking services for individuals, institutions, CXOs, professional investors, and family offices.
Besides, it also offers alternative asset management products and offerings in capital markets.
In FY24, Nuvama reported a net profit of Rs 597 crore, recording a 62% year-on-year growth.
In January, Nuvama Asset Management, its alternative assets arm, announced a joint venture with real estate services firm Cushman & Wakefield to float a fund for investments in India's commercial realty segment.
The JV planned to launch an alternative investment fund 'Prime Offices Fund’ of Rs 3,000 crore ($360 million), including a green shoe option of Rs 1,500 crore.
It will focus on Grade-A office assets located in micro markets in the six top real estate markets, including Bengaluru, Delhi-NCR, Pune, Mumbai, Chennai, and Hyderabad.