MUMBAI : Edelweiss group on Wednesday said it has promoted Ashish Kehair as managing director and chief executive officer of Edelweiss Wealth Management, the group said in a statement.

In this role, Kehair will lead the strategic initiatives and business operations for Edelweiss Wealth Management, reporting to the board of directors, the statement said. The appointment is subject to regulatory approvals.

Kehair has been the head of the wealth management division since 2017. He has previously held executive positions at IDFC Bank and ICICI Securities.

Kehair will replace Nitin Jain who is departing the organization after a transition period to pursue entrepreneurial interests.

“We are fortunate to have a proven industry veteran in Ashish Kehair take on leadership of EWM and work collaboratively with the stakeholders to take EWM forward. Ashish is a proven business and people leader, and we look forward to supporting his success," said Rashesh Shah, chairman and MD of Edelweiss group.

Edelweiss Wealth Management reported revenues of Rs1,043 crore and profit after tax of ₹245 crore for FY21. PAG, an Asia-focused investment group, recently made a strategic investment in EWM, for a stake of 61.5%. Edelweiss continues to hold 38.5% stake in EWM with the option to increase it further to up to 44%.