Baroda BNP Paribas Mutual Fund appoints Madhu Nair as Chief Executive Officer
CE DESK 
Baroda BNP Paribas Mutual Fund has appointed Madhu Nair as its new Chief Executive Officer, marking a significant leadership transition at the asset management company. Nair will succeed Sanjay Grover, who had been serving as the fund house’s interim CEO on deputation from Bank of Baroda.
Nair joins Baroda BNP Paribas Mutual Fund after stepping down as Managing Director and CEO of Union Mutual Fund. His appointment brings extensive leadership experience from across India’s asset management industry, particularly in sales, distribution, investor engagement, and business development.
Before joining Union Mutual Fund, Nair held senior roles at several leading fund houses, including ICICI Prudential Asset Management Company, HSBC Mutual Fund, Invesco Mutual Fund, Kotak Mutual Fund, and Kothari Pioneer Mutual Fund. His career has covered more than two decades of work across the investment management and financial services sectors.
At ICICI Prudential Asset Management, Nair held senior responsibilities including Head of Sales. His experience in building distribution networks and strengthening relationships with intermediaries is expected to be relevant as Baroda BNP Paribas Mutual Fund looks to expand its reach among retail investors, financial advisers, and institutional clients.
Baroda BNP Paribas Mutual Fund is a joint venture between Bank of Baroda and BNP Paribas Asset Management. The two partners hold 50.1% and 49.9%, respectively, in the fund house. The asset manager offers schemes across equity, debt, hybrid, index, exchange-traded fund, fund-of-funds, and solution-oriented categories.
The leadership change comes as the mutual fund industry continues to see rising participation from first-time investors, growing systematic investment plan flows, and increasing demand for diversified investment products. Nair’s background in sales and distribution could help the fund house strengthen investor awareness and improve access to its products across different market segments.
The fund house has also raised more than ₹1,200 crore through the launches of its ESG Best-in-Class Strategy Fund and Services Fund during 2026. Nair’s appointment is expected to support the company’s next phase of growth, product development, and distribution expansion in a competitive asset management market.
