Notice anything different in Reliance Nippon Life Asset Management Ltd? The words ‘Nippon Life’ are a new addition. This is the new name of Reliance Capital Asset Management Co. Ltd, with effect from 6 May. If you have been an investor of this fund house, you will have to get accustomed to this small change in your fund house’s name. Similarly, investors of Religare Invesco Asset Management Co. Ltd’s schemes will now not see the name ‘Religare’ in the fund house’s communications. It will only appear as Invesco from now. The fund house’s new name is Invesco Asset Management (India) Pvt. Ltd, with effect from 6 May. What do such changes in names mean for you?
ACQUISITIONS ON THE MF STREET
There are various types of fund houses. Some are purely Indian; they are started by Indian promoters. Some are foreign fund houses, where international asset management companies (AMCs) came to India to set shop. There are a few others that are joint ventures between Indian and foreign partners. In some cases—like Reliance Nippon Life Asset Management and Invesco Asset Management (India)—when foreign companies come to India, they prefer to join hands with an already established domestic fund house. Over time, some of these foreign partners choose to gradually increase their stakes.
