Birla Sun Life Asset Management acquires schemes of ING Investment Management

India Infoline News Service | Mumbai |

The fourth largest mutual fund in India, Birla Sun Life Mutual Fund has over Rs 1 lakh crores of assets under management.

Birla Sun Life Asset Management Company Limited (BSLAMC), a part of Aditya Birla Financial Services Group (ABFSG), and investment manager for Birla Sun Life Mutual Fund (BSLMF) announced, subject to applicable Regulatory and other approvals, the acquisition of all Mutual Fund schemes and Portfolio Management accounts of ING Investment Management (India) Private Limited.
 
Sharing his thoughts about the acquisition, Ajay Srinivasan, Chief Executive – Financial Services, Aditya Birla Group said, “Birla Sun Life Mutual Fund is one of the key businesses for Aditya Birla Financial Services Group. As of today it manages assets over INR 1 lakh crores supported by its strong investment performance and industry vintage of twenty years. Committed to help grow the mutual fund industry and increase outreach, we have bought over the schemes and are committed to providing our top quality products and services to over 75,000 customers of ING Investment Management India. This acquisition adds average assets of INR 1,100 crores to our AUM.”
 
Speaking on the development, A. Balasubramanian, CEO, Birla Sun Life Asset Management Company Limited said, “We found a strategic fit in the acquisition of schemes of ING Investment Management India. Beyond AUM, this adds to our existing investor base and we see an opportunity to increase the penetration. We welcome ING customers."
 
“While we remain committed to building retail penetration for mutual funds, the acquisition also helps enhance our alternate assets with new offerings in Portfolio Management Services adding to our HNI investor base”, added A. Balasubramanian.
 
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 115 locations. Birla Sun Life Mutual Fund continues to deliver superior performance in both the asset classes viz. debt and equity. With over 7% of AUM coming from B15 markets, Birla Sun Life Mutual Fund added over 1.12 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.
 

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