New Delhi, Apr 4 (PTI) Reliance Wealth Management, a subsidiary of Reliance Capital, today said it has appointed Nitin Rao as its new chief executive officer.

He will be responsible for driving a more broad-based strategy for growing the wealth management offering to high net worth individuals, the company said in a statement.

In this new role, Rao will report to Anmol Ambani, executive director at Reliance Capital.

Rao joined Reliance Wealth Management after 19 years at HDFC Bank, where he was executive vice president of private banking group and third party products, and had built its wealth business ground up into a significantly dominant leadership position.

***** Union AMC names Vinay Paharia as CIO

* Union Asset Management Company has appointed Vinay Paharia as its chief investment officer, who will be responsible for overseeing the entire investment function.

Prior to this, Paharia has worked with Invesco Asset Management as fund manager of equity vertical. He has also worked as an equity research analyst with DBS Cholamandalam AMC, K R Choksey Shares & Securities and First Global Stockbroking.

“We are delighted to have Vinay on board. His expertise will definitely be a growth driver for the AMC and will help us in delivering value to our investors. His in-depth knowledge and rich experience would be of great value in building the investment processes of the organisation,” Union AMC CEO G Pradeepkumar said in a statement.

**** Multiples invests Rs 73 cr in Sanctum Wealth Management *Private equity firm Multiples today said it is investing Rs 73 crore in Sanctum Wealth Management, a Mumbai-headquartered company that operates across five major cities in India.

The funds will be used to strengthen Sanctum’s operating platform and to significantly increase its client coverage, a company release said.

The deal is subject to regulatory approvals.

“In a short time, Sanctum has created a brand for itself as a customer-centric, agile and trustworthy platform,” said Renuka Ramnath, MD and CEO at Multiples.

Sudhir Variyar, Managing Director at Multiples, will join Sanctum’s board.

This is published unedited from the PTI feed.