Birla Sun Life Asset Management Company Ltd completes acquisition of schemes of ING Investment Management (India) Pvt Ltd
Pune (Oct 28, 2014): Birla Sun Life Asset Management Company Limited (“BSLAMC”), a part of Aditya Birla Financial Services Group, and investment manager for Birla Sun Life Mutual Fund (“BSLMF”) announced the completion of acquisition of all Mutual Fund schemes and Portfolio Management accounts of ING Investment Management (India) Private Limited (“IIMIPL”). BSLAMC has now taken over the rights to manage the schemes and investor accounts from IIMIPL as investment manager.
Following the acquisition, 6 equity and 6 debt schemes acquired from IIMIPL have been merged with existing schemes at BSLAMC as per no-objection received from SEBI. A few schemes including multi-manager funds have however been retained in line with BSLAMC’s strategy to grow and serve even more investors. The acquisition has also added 3 new products to BSLAMC’s suite of Portfolio Management Service (PMS) offerings.
A. Balasubramanian, CEO, Birla Sun Life Asset Management Company Limited said, “We are pleased to complete this acquisition and welcome the investors and distribution partners of IIMIPL to BSLAMC. The faith and trust placed in us by over 2 million of our existing investors over our 20-year journey, is what our new investors will now experience.”
Speaking on the service readiness of BSLAMC, A. Balasubramanian said, “Our approach is to provide best in class experience to our investors. All our customer touch points both physical and digital are ready to welcome them on onboard. Apart from the expertise of our fund management team, we offer a wide array of service platforms both on digital and mobile. We believe that this will provide a lot of convenience for our investors.”
The closing of this acquisition underscores BSLAMC’s commitment to help grow the mutual fund industry, increase investor outreach and penetration. It also enables the company to build on the growth of its PMS business, add to existing distribution capabilities and expand investor base.
The fourth largest mutual fund in India, Birla Sun Life Mutual Fund has over INR 1 lakh crores of assets under management. The fund house enhanced its national presence by adding 20 new branches over the last two years bringing its network presence to 130 locations. Birla Sun Life Mutual Fund continues to deliver superior performance in both the asset classes viz. debt and equity. With over 20.39% Equity AUM coming from B15 markets, Birla Sun Life Mutual Fund added over 1.2 lakh new PAN numbers in FY2014. BSLAMC also has a successful history of acquiring schemes of Alliance Mutual Fund and Apple Mutual Fund and growing them into high performance schemes in terms of returns and size. (Data as of September 30, 2014)