HDFC Mutual Fund in distribution tie-up with Syndicate Bank

MUMBAI: The largest fund house HDFC Mutual Fund and the state-run lender Syndicate Bank today announced an alliance under which HDFC's products would be sold through the bank's branches.

Commenting on the tie-up, Syndicate Bank Chairman and Managing Director M G Sanghvi said, "it is our privilege to be associated with HDFC AMC to offer their superior schemes to our customers. This will help us shore up our fee income."

HDFC Asset Management Company managing director Milind Barve said, "the agreement with Syndicate Bank will give us an opportunity to tap customers across the bank's 2,700-plus network in the country and further strengthen our reach."

Barve further sad this tie-up will give the company an opportunity to reach out to the customers in tier II and III cities and offer them wide range of products to invest as per their financial needs.

HDFC AMC managed an average asset under management of Rs 92,625 crore as of the June quarter.