Motilal Oswal Financial Services, the Indian asset management group, has appointed a chief executive for its private wealth business.

AV Srikanth takes the role of chief executive of Purple, the firm's private wealth management division under the Motilal Oswal Wealth Management Private arm. Srikanth brings 16 years of industry experience to this position and joins from Anand Rathi Private Wealth Management, where he was an executive director. He has also worked for the likes of HSBC, Citibank and AVIVA Life Insurance.

Purple Client Group, the brand name for the company's wealth unit, caters to individual, family and business wealth management clients through a range of offerings, including direct equity advisory, portfolio management, structured products, mutual fund advisory, fixed income and other related asset classes. The division records Rs1,470.4 crores ($263 million) in managed assets as of 31 March 2012.