Axis Mutual Fund may go in for a foreign partner. When asked, a top Axis MF official said the Axis Mutual Fund meets various mutual fund houses across the globe for various reasons.
"Axis Mutual Fund is constantly exploring inorganic opportunities including strategic tie-ups. In this context, we meet various entities including local and foreign mutual funds from time to time,” said Rajiv Anand, MD and CEO, Axis Mutual Fund.
It is speculated that Axis Bank may sell stake anywhere between 26 percent and 49 percent in the fund house. According to news reports, the fund house has been approached by South Africa’s Old Mutual fund and Vanguard, one of the world's largest investment management companies for a strategic tie-up but a senior official from Axis Mutual Fund denied it.
Axis Mutual Fund, which manages assets worth over Rs 7,500 crore, is among the few domestic firms with no foreign alliance. Axis Mutual Fund's portfolio is majorly skewed towards debt, with the equity component being Rs 900 crore and gold exchange-traded funds being Rs 200 crore.
