Somwanshi joins from BOB Capital Market, where he was head of wealth management & equities, scaling up the business over two and a half years.
At Citi, he worked in multiple businesses across consumer banking, wealth management, securities and investments management in India and Singapore.
He replaces Vijay Goel, who will take over as CEO of Motilal Oswal Home Finance, the group’s home finance business.
Motilal Oswal, managing director, Motilal Oswal Financial Services said: “We are on a positive growth trajectory and well-positioned to continue building on our momentum.”
He added: “He brings with him great expertise and experience in handling affluent client portfolios.”
Somwanshi said: “Motilal Oswal is a very strong, respected and powerful brand with a reputation of client centric and strong research-based offerings.”
The private wealth management Industry is “at the cusp of phenomenal growth” in India, he added.
As of June 2019 Motilal Oswal Private Wealth Management stated it managed the needs of over 3,000 HNW families through a 200+ member team across nine cities with assets under advice of over INR 18,000 Crore.