PUNE: LIC Mutual Fund (LIC MF), one of the reputed fund houses in the Indian asset management industry, has announced the successful completion of the takeover of schemes of IDBI Mutual Fund (IDBI MF). The effective date of the merger has July 29, 2023.
The move is in line with LIC MF’s mission to strengthen and diversify its product offerings, expand its footprint, and grow its assets under management (AUM) to emerge as a leading MF house in the country. LIC MF had an AUM of Rs 18,400 Crores and IDBI MF had Rs 3,650 Crores as of June 30, 2023.
After completion of the merger, out of 20 schemes of IDBI MF, 10 schemes will be merged with similar schemes of LIC MF and the remaining 10 will be taken over by LIC MF on a standalone basis, which will take its total scheme count to 38. With this merger, investors invested in IDBI MF schemes will get access to LICMF’s diversified basket of product offerings covering Equity, Debt, Hybrid, Solution-oriented themes, ETF, and Index funds.
Commenting on the successful completion of the scheme merger, Mr. T.S. Ramakrishnan, Managing Director & CEO of LIC Mutual Fund, said “It is an important milestone in our journey as we are working towards developing our capabilities to serve as a diversified mutual fund house catering to investment needs across key markets in India. The merger complements our goal to strengthen our scheme offerings in the mid-cap, small-cap, gold fund, passive fund segments, etc. The merger will help us build a wider market presence and offer a more extensive range of product baskets. The combined strength will help us capture emerging opportunities in the thriving asset management industry and drive value for investors and distribution partners.”
He further added “Our vision is to be a trusted partner in wealth creation and a mutual fund of choice. Our track record of managing funds for over three decades has enabled us to gain the trust of investors. We will remain focused and work towards delivering long-term performance by adopting adequate risk control mechanisms.”
, one of the reputed fund houses in the Indian asset management industry, has announced the successful completion of the takeover of schemes of IDBI Mutual Fund (IDBI MF). The effective date of the merger has July 29, 2023.){kind=link}