Baroda BNP Paribas Asset Management has appointed Madhu Nair as its chief executive officer, as the joint venture seeks to accelerate growth in India’s rapidly expanding mutual fund industry.
Nair succeeds Sanjay Kumar Grover, who was serving as managing director and CEO on deputation from Bank of Baroda. Grover had led the company through an important phase of growth.
The appointment comes as the Indian mutual fund industry continues to expand. The industry’s average assets under management (AAUM) crossed ₹86.33 lakh crore at the end of July 2026. Baroda BNP Paribas Asset Management’s average assets under management also crossed ₹57,000 crore as of July 31.
Baroda BNP Paribas Asset Management is a joint venture between Bank of Baroda and BNP Paribas Asset Management Asia. The partnership combines Bank of Baroda’s extensive domestic and international network with BNP Paribas Asset Management’s global investment expertise and research capabilities.
Nair brings more than 28 years of experience in the asset management industry. He has held senior leadership positions at HSBC, Invesco and Kotak, and was serving as CEO of Union Mutual Fund before joining Baroda BNP Paribas.
An alumnus of Harvard Business School, Nair has extensive experience in Indian retail investor behaviour and brings a combination of domestic market knowledge and global strategic perspective.
His focus will be on using the fund house’s products and investment capabilities to make market-linked wealth creation more accessible to Indian households, particularly investors who have so far had limited access to such opportunities.
