Baroda BNP Paribas Asset Management India has appointed Madhu Nair as chief executive officer. The move signals the fund house’s intent to accelerate growth and build scale in India’s fast-growing mutual fund market.
The appointment comes as the industry hits a new milestone, with AAUM (average assets under management) crossing ?86.33 lakh crore in July 2026. Baroda BNP Paribas Asset Management has also crossed ?57,000 crore in AAUM as of July 31, 2026. The company now aims to move from participating in growth to driving it.
Nair succeeds Sanjay Kumar Grover, who was on deputation from Bank of Baroda and led the business through its last phase of expansion.
According to Beena Vaheed, executive director, Bank of Baroda and chairperson, BBNPAM, Nair’s leadership would enable the organisation to leverage its customer base and Bharat reach to make market-linked solutions more accessible.
The joint venture between Bank of Baroda and BNP Paribas Asset Management Asia plans to combine the bank’s domestic network with BNP Paribas’ global investment expertise for its next phase.
Vincent Trouillard Perrot, managing director, strategic participations and JVs at BNP Paribas Asset Management, stated that the Indian market offers long-term potential as more savers move to market-linked products.
Madhu Nair has held senior roles at HSBC, Invesco, Kotak, and most recently as CEO of Union Mutual Fund. A Harvard Business School alumnus, he has deep experience in distribution and retail investor behaviour in India.
His focus will be on aligning products with India’s Amrutkaal vision and expanding access to wealth creation for new investors.
Nair expressed that he was honoured by the trust placed in him and added that with their shareholders and team, they would bring ‘Together for More’ to life for investors, partners, and employees.
Baroda BNP Paribas Asset Management is the investment manager of Baroda BNP Paribas Mutual Fund, a joint venture between Bank of Baroda and BNP Paribas Asset Management Asia.
