Pioneer gets SEBI nod for acquiring 51% in BOB Mutual Fund
Pioneer Investments is set to commence asset management operations and mutual fund business in India.
By ET Online |
MUMBAI: Pioneer Investments is set to commence asset management operations and mutual fund business in India, with SEBI issuing a no objection to the inclusion of Pioneer Global Asset Management SpA as a co-sponsor in BOB Mutual Fund.
The new venture will be named Baroda Pioneer Asset Management Company, with Pioneer Investments holding 51 per cent stake with management control and Bank of Baroda holding 49 per cent. BOB MF will be known as Baroda Pioneer Mutual Fund.
The AMC board will be reconstituted to include nominees from the two partners, as well as a complement of prominent persons as independent directors.
Rajan Krishnan, who has been associated with the project from earlier this year in April, will be the chief executive officer of the joint venture.
���The mutual fund industry in India is one of the most exciting opportunities we see around the world. Notwithstanding the recent volatility, we are convinced there is a huge potential for the asset management industry in India and the present market conditions present a good opportunity to build a great long term track record. In addition, as well the established commitment to investing in mutual funds in the main metros, there is clear evidence there is a new generation of investors coming into the Indian fund market in the second tier cities. With this joint venture, we are well positioned to bring our experience in global asset management to the advantage of investors in India in partnership with the experience, presence and customer knowledge of Bank of Baroda,��� said Dario Frigerio, CEO, Pioneer Investments, said on this occasion.
M.D. Mallya, chairman & managing director, Bank of Baroda said, ���this joint venture with Pioneer Investments would help us offer a wider bouquet of financial services to the existing as well as new customers of Bank of Baroda. This would be a big step forward in our endeavours to make our very wide branch network resemble a financial supermarket to the benefit of our customers.���
The new venture will be named Baroda Pioneer Asset Management Company, with Pioneer Investments holding 51 per cent stake with management control and Bank of Baroda holding 49 per cent. BOB MF will be known as Baroda Pioneer Mutual Fund.
The AMC board will be reconstituted to include nominees from the two partners, as well as a complement of prominent persons as independent directors.
Rajan Krishnan, who has been associated with the project from earlier this year in April, will be the chief executive officer of the joint venture.
���The mutual fund industry in India is one of the most exciting opportunities we see around the world. Notwithstanding the recent volatility, we are convinced there is a huge potential for the asset management industry in India and the present market conditions present a good opportunity to build a great long term track record. In addition, as well the established commitment to investing in mutual funds in the main metros, there is clear evidence there is a new generation of investors coming into the Indian fund market in the second tier cities. With this joint venture, we are well positioned to bring our experience in global asset management to the advantage of investors in India in partnership with the experience, presence and customer knowledge of Bank of Baroda,��� said Dario Frigerio, CEO, Pioneer Investments, said on this occasion.
M.D. Mallya, chairman & managing director, Bank of Baroda said, ���this joint venture with Pioneer Investments would help us offer a wider bouquet of financial services to the existing as well as new customers of Bank of Baroda. This would be a big step forward in our endeavours to make our very wide branch network resemble a financial supermarket to the benefit of our customers.���
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