Mahindra Mutual Fund is now Mahindra Manulife Mutual Fund. With this, all schemes of the fund house will be have the prefix Mahindra Manulife.
On this occasion, Ashutosh Bishnoi, MD & CEO, Mahindra AMC said,“The rationale for the acquisition was to look for an alliance that could bring fund management process with proven track record. Manulife is one of big names in developed markets with focus on asset management business. We strongly believe that the alliance will strengthen our fund management process which has proven track record of success across geographies.”
Bishnoi further said that Manulife brings with it international experience. He said, “Manulife group has been active in many countries like US, Canada, Singapore, UK and so on. We are confident that this alliance would help us learn from international practices and implement proven business development practices that have worked well in international markets.”
Talking about his future plans, Bishnoi said that his fund house would explore opportunities in international funds /offshore funds to leverage the international expertise of Manulife. However, the fund house will wait for opportune time to launch such products.
In April 2020, Manulife, Canada based global financial services group completed acquisition of 49% stake in Mahindra AMC. Manulife 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.
Manulife is a leading international financial services group, providing asset management and life insurance solutions with AUM of over US$ 915 billion as of December 31, 2019.
