LIC MF announces completion of IDBI MF schemes merger

LIC Mutual Fund announces the completion of the takeover of schemes of IDBI Mutual Fund as on July 29, 2023.                                                      

The merger is in line with LIC MF's mission to strengthen and diversify its product offerings, expand its footprint and grow its AUM, according to a press release.

With this merger, investors invested in IDBI MF schemes will get access to LICMF’s diversified basket of products offerings covering equity, debt, hybrid, solution-oriented themes, ETF and index funds.

Commenting on the successful completion of the scheme merger, Mr. T.S. Ramakrishnan, Managing Director & CEO of LIC Mutual Fund, said: “The merger complements our goal to strengthen our scheme offerings in the mid-cap, small-cap, gold fund, passive fund segments, etc. It will help us build wider market presence and offer a more extensive range of product basket.”

He further added “Our vision is to be a trusted partner in wealth creation and a mutual fund of choice. Our track record of managing funds for over three decades has enabled us to gain trust of investors. We will remain focused and work towards delivering long-term performance by adopting adequate risk control mechanisms.”