Mumbai, August 14, 2026 — Baroda BNP Paribas Asset Management India, the investment manager of Baroda BNP Paribas Mutual Fund, today announced the appointment of Mr. Madhu Nair as its new Chief Executive Officer (CEO), a move that marks a decisive step-up in ambition as the fund house sets its sights on becoming a scaled, purpose-led force in India’s rapidly expanding mutual fund industry.
The appointment comes at a defining moment: India’s mutual fund industry has crossed ₹86.33 lakh crore in average assets under management (AAUM)# as of the close of July 2026, and Baroda BNP Paribas Asset Management itself has crossed ₹57,000 crore in AAUM* as of 31 July 2026. With this leadership change, the organisation is positioning itself not merely to participate in that growth, but to lead it.
Mr. Madhu Nair succeeds Mr. Sanjay Kumar Grover, Managing Director & CEO, who was on deputation from Bank of Baroda and successfully led the organisation through an important phase of growth.
“We are delighted to have Mr. Nair lead the team at Baroda BNP Paribas Asset Management. We believe that under his leadership, our mutual fund venture will be better positioned to leverage our large customer base and Bharat reach to make market-linked investment solutions accessible to a wider audience,” said Ms. Beena Vaheed, Executive Director, Bank of Baroda and Chairperson of the Board of Baroda BNP Paribas Asset Management (BBNPAM).
The joint venture between Bank of Baroda, one of India’s leading public sector banks, and BNP Paribas Asset Management Asia, one of Europe’s largest asset managers, is now focused on its next phase of growth. One built on a foundation of Bank of Baroda’s extensive domestic and international franchise combined with BNP Paribas Asset Management’s global investment expertise and research capabilities.
“We are pleased to welcome Madhu, whose leadership and deep industry experience will help accelerate the next phase of growth for the Indian asset management joint venture. We believe the Indian market offers tremendous long-term potential as more savers embrace market-linked investment solutions to build wealth. BNPPAM is proud to support Baroda BNP Paribas Mutual Fund in developing products that help Indian customers achieve their financial aspirations,” said Mr. Vincent Trouillard Perrot, Managing Director, Strategic Participations and JVs at BNP Paribas Asset Management and Associate Director of the Board of Baroda BNP Paribas Asset Management.
Mr. Nair is a seasoned asset management professional with over 28 years of experience, having held senior leadership roles across HSBC, Invesco and Kotak, and most recently serving as Chief Executive Officer of Union Mutual Fund. He is an alumnus of Harvard Business School, bringing a global strategic lens to complement his deep, on-the-ground experience of Indian distribution and retail investor behaviour, a combination well suited to an organisation preparing to scale aggressively.
