Bajaj Finserv game for MF debut

NEW DELHI: Bajaj Finserv (BFS), the financial services arm of the Bajaj Group, is likely to start its mutual fund company by December 2010.

“The application is still with Sebi. The asset management company should be operational by the end of this calendar year,” Bajaj Finserv managing director Sanjiv Bajaj told agencies. Allianz global investors and Bajaj Finserv will hold 51% and 49% stakes, respectively, in the equally managed proposed venture, he said.

Bajaj Finserv is already having partnership with the Allianz Group of Germany for its life insurance and general insurance businesses. Besides, the financial services firm is into vehicle finance through its subsidiary Bajaj Auto Finance.