Baroda BNP Paribas AMC Appoints Madhukumar Nair as New CEO

Baroda BNP Paribas Asset Management has announced a significant leadership transition, appointing Madhukumar Nair as its new Chief Executive Officer. This change becomes effective on August 14, 2026, following Sanjay Kumar Grover’s departure from the MD & CEO role.

Mr. Grover concluded his tenure as Managing Director & Chief Executive Officer of Baroda BNP Paribas Asset Management India on August 13, 2026. Despite stepping down from the top executive position, he will maintain his association with the company by serving as an Associate Director on the Board.

New Leadership Profile

Madhukumar Nair, aged 51, steps into the CEO position bringing over 28 years of extensive experience within the asset management industry. His career has consistently focused on driving strategic initiatives, fostering innovation, and ensuring operational excellence.

• Holds an Executive MBA from Harvard Business School.
• Earned an MBA in Finance from Pune University.
• Completed a B.Sc. from Mumbai University.
• Served as CEO of Union Asset Management Company from March 2024 to August 2026.
• Held roles at HSBC Asset Management (India), including Head – Institutional Sales from November 2022 to March 2024, and Chief Sales & Distribution Officer from April 2017 to November 2022.
• Led PAN-India retail sales as Head – Retail Sales at Invesco Asset Management (India) from May 2013 to March 2017.

Formal Announcement Details

This leadership announcement was issued as a Notice cum addendum, forming an integral part of the Fund’s Statement of Additional Information (SAI). All other terms and conditions previously outlined within the SAI remain unchanged following this executive transition.