In a recent announcement, Essel Finance Management, one of the umbrella brands of Essel Group has acquired complete stake of Peerless Mutual Fund.
“The Peerless General Finance and Investment Company Limited (PGFI) announced that it has signed an agreement to sell its entire shareholding in the Peerless Fund Management Company Limited (PFMCL) and the Peerless Trust Management Company Limited (PTMCL) to Essel Finance Management LLP (EFM),” says a press release issued by the company.
The transaction will be completed once all regulatory approvals have been obtained.
Rajiv Shastri – Managing Director of Peerless MF said, “We are excited by this opportunity to be associated with one of the premier business groups in the country, the Essel Group, and happy about the continuity offered by this agreement. We look forward to continuing and enhancing our services to existing and new investors across the country.”
Currently Essel Finance is offering a range of financial services and products such as SME Business Loans through its Non-Banking Financial Company (NBFC), housing finance, forex, private equity, investment banking and distribution.
Amitabh Chaturvedi, Managing Director of EFM added, “The acquisition is part of our strategy to become a financial services conglomerate. The addition of the mutual fund business will fortify our position and take us closer to our goals. We are very pleased with Peerless team, products and its performance and are confident that we will be able to create a large asset management business. We look forward to a smooth & speedy transition, subject to regulatory approvals.”
Peerless MF has Rs.970 crore AAUM as on September 30, 2016.
