Bajaj Finserv gets approval to launch a mutual fund; to announce launch of a subsidiary for wealth management business in 6-8 weeks
Mumbai: Bajaj Finserv Ltd, the holding company of the financial services business of the Bajaj Auto group, last week received regulatory approval to start mutual fund business, according to a PTI report carried by newspapers.
Bajaj Finserv will launch mutual fund business in a joint venture with Allianz. Bajaj and Allianz have joint ventures in life insurance, general insurance and financial services distribution businesses, the report said quoting Sanjiv Bajaj, Managing Director, Bajaj Finserv, said.
"We are fine-tuning details regarding this business (mutual fund)," he added.
Bajaj is preparing to launch in the next 6-8 weeks its wealth management subsidiary – Bajaj Financial Solutions. "We plan to launch our wealth management business in the next 6-8-weeks. We have already gone live with BSE connectivity and will go live with NSE soon,” said Bajaj.
He said a team has already been put in place for the wealth management business which will be headed by Arpit Agarwal as CEO.
