Kotak Mahindra arm buys Indian schemes of PineBridge MF
20 Sep 2014
Kotak Mahindra Asset Management Co Ltd (KMAMC), a wholly owned subsidiary of Kotak Mahindra Bank, has executed definitive agreement to acquire the Indian schemes of PineBridge Mutual Fund, subject to regulatory approvals.
PBI MF is managed by PineBridge Investments Asset Management Co (India) Pvt Ltd.
Gaurang Shah, president for asset management, life insurance and international business at the bank, said, "We have agreed to acquire the schemes of PineBridge Mutual Fund.
The assets included are equity-oriented which provides a further enrichment to our equity base. We have an appetite for further acquisitions which can create value for us and we would be keen to consider such opportunities."
The fund houses share common investment philosophies of selecting robust companies with good management quality. This provides an optimal platform for smooth and efficient integration of the schemes.
As of 31 August 014, the Assets under Management (AuM) of Kotak Mahindra Mutual Fund (KMMF) is approximately Rs.37,000 crore and the AuM of PBI MF is approximately Rs660 crore.