Essel Finance acquires Peerless Mutual Fund

The Peerless General Finance and Investment Company Limited (PGFI) has signed an agreement to sell its entire shareholding in the Peerless Fund Management Company Limited (PFMCL) and the Peerless Trust Management Company Limited (PTMCL) to Essel Finance Management LLP (EFM).

PGFI is the sponsor, PTMCL is the trustee, and PFMCL is the investment manager of Peerless Mutual Fund. The transaction will be completed once all regulatory approvals have been obtained. Peerless Mutual Fund has assets under management of Rs 1,000 crore. Essel Finance will retain the entire staff of Peerless Mutual Fund.

Currently Essel Finance is offering a range of financial services and products such as SME Business Loans through its Non-Banking Financial Company (NBFC), Housing Finance, Forex, Private Equity, Investment Banking & Distribution.


"The acquisition is part of our strategy to become a financial services conglomerate. The addition of the mutual fund business will fortify our position and take us closer to our goals,” said Amitabh Chaturvedi, Managing Director of Essel Finance Management.

Peerless Mutual Fund manages funds across the entire risk-return continuum, such as equity, hybrid, debt and liquid. At present, PFMCL manages one liquid scheme, four fixed income schemes, one hybrid scheme and three equity schemes, including an Equity Linked Savings Scheme.