Motilal Oswal Financial Services (MOFSL) today said its MD Navin Agarwal will take as MD and CEO of Motilal Oswal Asset Management Company (MOAMC), assuming the role from Aashish Somaiyaa.

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CNBC-TV18 had reported this earlier today.

"Considering the importance of the asset management business, the MOFSL board has decided that Navin Agarwal who has been with MOFSL over the last 20 years and has been instrumental in developing the entire portfolio of MOFSL businesses, will relinquish executive responsibilities at MOFSL and take up full-time assignment as Managing Director and CEO of MOAMC," the company said in a release.

"On behalf of the board, he had also been overseeing the AMC business closely for the past 2 years," it added.

BSE-listed MOFSL is the promoter of the asset management business.

MOFSL added that Raamdeo Agrawal continues to remain Chairman of the group. This "will not only ensure continuity but also provide strong leadership and huge scalability to the AMC business."

Agarwal is a member of the Institute of Chartered Accountants of India, Institute of Cost and Works Accountants of India, Institute of Company Secretaries of India, according to a profile on the company's website.

"He started his career as a Senior Analyst in 1994 and joined Motilal Oswal Securities in 2000. He has co-authored a book on stock markets "India`s Money Monarchs"," it says.

Outgoing CEO Somaiyaa will be joining a startup, the company said -- Moneycontrol yesterday reported, quoting sources, that he would be joining InCred.

MOFSL, the flagship company of the Motilal Oswal Group, operates retail and institutional broking businesses, besides being in home finance, and wealth and asset management businesses.

Incorporated in 2008, the AMC has assets under management of Rs 16,885 crore, and is ranked 19th in the list of 40 fund houses in India.