Manulife, Canada based global financial services group has today completed acquisition of 49% stake in Mahindra AMC.
With this, the fund house will be called Mahindra Manulife Investment Management, subject to approval from ROC and SEBI.
Manulife has invested US$ 35 million (around Rs 265 crore) in this joint venture. This indicates that Mahindra AMC is valued at 10% of its assets. The fund house manages AUM of Rs.5400 crore as on March 2020.
Mahindra AMC and Manulife had announced that they would enter into a 51:49 joint venture (JV) in June 2019. In a press release, the fund house said, “The JV aims to expand its fund offerings, drive fund penetration and achieve long term wealth creation in India.”
Manulife is a leading international financial services group, providing asset management and life insurance solutions. AUM of the entity stands over US$ 915 billion as of December 31, 2019.
In a press release, Ashutosh Bishnoi, MD & CEO, Mahindra AMC said, "Manulife Investment Management naturally fits as the right strategic partner for Mahindra Mutual Fund, as they bring over 150 years of fund products experience across all types of economic cycles and scenarios. Besides, their global best practices and processes will help Indian investors manage risk more sensibly.”
