Pankaj Razdan, a financial services industry veteran, is likely to join Edelweiss Wealth Management as its vice chairman and managing director, said people familiar with the matter. The board of Edelweiss Wealth, in which leading Asia-focused private investment manager PAG bought 61.5% recently, is expected to decide on the matter soon, the people said.
“Pankaj Razdan will work closely with Nitin Jain who will continue to drive the operations,” said one of the people. Jain is the chief executive office of Edelweiss Wealth, which was acquired by PAG from Rashesh Shah-controlled Edelweiss Group.
Email queries sent to Edelweiss Wealth and PAG did not elicit a response. Razdan did not respond to text messages seeking response.
Razdan was the deputy chief executive of
and also the head of Aditya Birla Sun Life Insurance. He quit the group in mid-2019. Razdan joined Aditya Birla Capital in 2007 as Ajay Srinivasan’s deputy. Before joining Aditya Birla Capital, he was the CEO of ICICI Prudential Mutual Fund.
On March 23, PAG acquired stakes held by Kora Management and Sanaka Capital in Edelweiss. It invested Rs 2,366 crore to buy the stake. Shah’s Edelweiss continues to hold 38.5% stake in Edelweiss Wealth.
PAG’s fund infusion has paved the way for Edelweiss Wealth’s listing on the domestic bourses, said the people quoted above. The wealth manager reported revenues of Rs 880 crores and profit after tax of Rs 180 crores for nine months ended December 2020. It’s customer assets under advice has grown to Rs 1.45 lakh crore from Rs 18,500 crore in 2015.