Heard on the Street- Bajaj Allianz Financial may wind up ops

Bajaj Allianz Financial Distributors, the third joint venture business between Bajaj Finserv and Allianz SE, may wind up operations by the end of this month, according to market talk. If grapevine is to be believed, the management has informed employees that their services will be terminated towards the end of this month.

While Bajaj Finserv officials were not available for comment, the spokesperson of a group company denied any such development in the group. ���We have no such plan as of now. There has been redeployment of personnel to group companies ��� especially the newly-instituted asset management company ��� for better utilisation of workforce. Beyond that, there has been no such decision on the part of the top management to shut the distribution segment,��� the official said. The Pune-headquartered distribution company has a presence in over 30 locations, and has exclusive tie-ups with fund houses such as Fidelity MF, Principal MF and Taurus Mutual.