Mumbai, Apr 4 (IANS): Reliance Wealth Management, a subsidiary of Reliance Capital, on Wednesday announced the appointment of Nitin Rao as its new Chief Executive Officer.

In this newly created role, Rao will report to Anmol Ambani, Executive Director at Reliance Capital, and will be responsible for driving a more broad-based strategy for growing the wealth management offering to high net worth individuals.

"I am delighted to welcome Nitin as the CEO of our Wealth Management business. The business has delivered strong performance in recent years focusing on Ultra High Net Worth Individuals, with Assets Under Management (AUMs) increasing to Rs 7,000 crore," said Anmol Ambani.

"Having built a credible open architecture platform, under Nitin's guidance, this business will target all segments of the customer wallet and look to build substantial market share going forward," he added.

Rao joins Reliance Wealth Management after 19 years at HDFC Bank, where he was Executive Vice President - Private Banking Group & Third Party Products, and had built its wealth business ground up into a significantly dominant leadership position.