Mumbai: Baroda BNP Paribas Asset Management India has appointed seasoned mutual fund industry leader Madhu Nair as its new Chief Executive Officer (CEO), signalling a renewed growth strategy as the fund house looks to expand its footprint in India’s fast-growing asset management industry.
The leadership transition comes at a time when the Indian mutual fund industry continues its strong upward trajectory, with average assets under management (AAUM) reaching ₹86.33 lakh crore at the end of July 2026. Baroda BNP Paribas Mutual Fund has also crossed ₹57,000 crore in AAUM as of July 31, 2026, positioning itself to accelerate its next phase of expansion.
Nair takes over from Sanjay Kumar Grover, who served as Managing Director & CEO on deputation from Bank of Baroda and steered the organisation through a significant phase of business growth.
Announcing the appointment, Beena Vaheed, Executive Director, Bank of Baroda and Chairperson of the Board of Baroda BNP Paribas Asset Management, said the company is confident that Nair’s leadership will help deepen its market presence and widen investor participation across the country.
“We are delighted to have Mr. Nair lead the team at Baroda BNP Paribas Asset Management. We believe that under his leadership, our mutual fund venture will be better positioned to leverage our large customer base and Bharat reach to make market-linked investment solutions accessible to a wider audience,” she said.
The appointment marks an important milestone for the joint venture between Bank of Baroda and BNP Paribas Asset Management Asia, which combines the Indian bank’s extensive distribution network with the global investment capabilities and research expertise of the European asset manager.
Welcoming the new CEO, Vincent Trouillard Perrot, Managing Director, Strategic Participations and Joint Ventures at BNP Paribas Asset Management and Associate Director on the Board of Baroda BNP Paribas Asset Management, said India remains one of the most promising long-term investment markets globally.
“We are pleased to welcome Madhu, whose leadership and deep industry experience will help accelerate the next phase of growth for the Indian asset management joint venture. We believe the Indian market offers tremendous long-term potential as more savers embrace market-linked investment solutions to build wealth,” he said.
Nair brings more than 28 years of experience in the financial services and asset management industry, having held leadership positions at HSBC, Invesco and Kotak, before most recently serving as the Chief Executive Officer of Union Mutual Fund. An alumnus of Harvard Business School, he is recognised for his expertise in retail distribution, business transformation and building investment businesses at scale.
Speaking on his appointment, Nair said he sees a significant opportunity to help more Indian households participate in long-term wealth creation through professionally managed investment solutions.
“I am deeply honoured by the trust and responsibility placed in me by the shareholders and Board of Baroda BNP Paribas Asset Management. With the continued support of our shareholders and the commitment of our employees, I am confident we will bring alive our brand promise of ‘Together for More’ for all our investors, partners, shareholders and employees. I look forward to leading the organisation through its next phase of growth and creating long-term value for all our stakeholders,” he said.
The fund house said Nair’s leadership philosophy centres on building purpose-driven organisations where long-term value creation is supported by strong teams, customer-centric innovation and disciplined execution. As Baroda BNP Paribas Mutual Fund prepares for its next growth chapter, the company aims to leverage its nationwide distribution strength and global investment expertise to broaden access to market-linked investment products across India.
