The Singapore arm of Manulife, Manulife Investment Management (Singapore) Pte Ltd has acquired 49% stake in Mahindra & Mahindra Financial Services’ (Mahindra Finance) wholly-owned subsidiary Mahindra Asset Management Company (AMC).
- In this regard, Manulife has invested $35 million or Rs 265 crore in Mahindra AMC. An agreement for the same was inked in June 2019.
- Mahindra Finance now owns the balance 51% stake in its AMC.
-Both the companies aim to expand their fund offerings, drive fund penetration and achieve long-term wealth creation in India.
-The partnership will also accelerate efforts towards increasing mutual fund penetration, through innovative products and solutions
-It should be noted that Mahindra AMC’s annualized average assets under management stood at Rs 5,217 crore as of March 31, 2020. It has more than 2.12 lakh customer accounts and is offering over 13 investment schemes.
-On the other hand, Manulife provides wealth and asset management and life insurance solutions for individuals, groups and institutions around the world.
Headquarters– Toronto, Canada
President and Chief Executive Officer (CEO)– Roy Gori
About Mahindra AMC
Headquarter– Mumbai, Maharashtra
Managing Director (MD) & CEO– Ashutosh Bishnoi