M&M Finance, Manulife form asset management JV in India
The JV will be 51 per cent owned by Mahindra Asset Management Co, and 49 per cent by Manulife.
Mumbai: Mahindra & Mahindra Financial Services said its asset management arm has formed a joint venture with Toronto-headquartered global financial services group Manulife to expand the depth and breadth of fund offerings and retail fund penetration in India.
The JV will be 51 per cent owned by Mahindra Asset Management Co, and 49 per cent by Manulife.
The 49 percent stake is valued at $35 million.
Mahindra AMC is one of the smaller mutual funds in India, and currently offers nine different investment schemes in India. Its annualised average assets under management stand at Rs. 5,019 crore, and it has more than 1.6 lakh customer accounts.
"We are very strong in India. They are very strong in developing markets and developing products," Ramesh Iyer, vice-chairman and managing director, Mahindra Finance told reporters and added the AMC may apply for more products once the JV is completed.
Shares of M&M Finance were trading 2.72 per cent lower at Rs 392.10 at around 1.30 pm.
The JV will be 51 per cent owned by Mahindra Asset Management Co, and 49 per cent by Manulife.
The 49 percent stake is valued at $35 million.
Mahindra AMC is one of the smaller mutual funds in India, and currently offers nine different investment schemes in India. Its annualised average assets under management stand at Rs. 5,019 crore, and it has more than 1.6 lakh customer accounts.
"We are very strong in India. They are very strong in developing markets and developing products," Ramesh Iyer, vice-chairman and managing director, Mahindra Finance told reporters and added the AMC may apply for more products once the JV is completed.
Shares of M&M Finance were trading 2.72 per cent lower at Rs 392.10 at around 1.30 pm.