Bajaj Finserv, on Wednesday, communicated about the receipt of a license from the market regulator SEBI to start a mutual fund business.
Bajaj Finserv Asset Management Limited (BFAML) will be the investment manager of the MF business and Ganesh Mohan, who has been a part of Bajaj Finserv for 8 years as group head for corporate strategy, will lead the AMC as CEO.
The company said, to the investors, that after the inception of operations, it would soon come up with a range of mutual fund products which will comprise equity, debt, and hybrid funds, both in the active and passive segments.
With the addition of mutual funds to its diverse portfolio of businesses, the company said that it will be in a position to offer an exhaustive range of financial services for customers throughout their life cycle. The mutual fund products will also cater to institutional customers.
The company aims to create a tech-driven, multi-channel approach to serve investors across various touch-points and geographies in order to build a future-ready asset management company and the mutual fund business will make the company achieve the alignment with the group’s philosophy.
Sanjiv Bajaj, CMD, Bajaj Finserv, mentioned that this mutual fund business would inspire a new approach to invest and sustained, long-term wealth creation. He added that the approval from Sebi is strategically important for Bajaj Finserv as it enables the company to complete its suite of financial solutions for retail customers.
Bajaj FinServ, formed in April 2007, came into existence as a result of a demerger from Bajaj Auto Limited to further the group’s interest in the financial services segment. It is serving millions of customers by providing solutions for asset acquisition through financing, asset protection through general insurance, and family & income protection in the form of life and health insurance retirement and savings solutions.
Compared to the previous closing price of Rs 1,344, the stock opened in the green at Rs 1,375 showing an upside of approximately 2.30 percent but currently trades at Rs 1,348.
Written By Amit Suresh Madnani
