SBI Mutual Fund may get a new owner

SBI Mutual Fund’s ownership may soon see a change, with its shareholder Societe Generale Asset Management merging with Credit Agricole Group’s asset management arm globally earlier this year to form a new entity, Amundi.

SBI owns 63% in SBI MF, while France’s Societe Generale Asset Management owns 37%. Sources said SBI MF, which has assets under management worth around Rs 37,000 crore, has sought Sebi’s approval to effect the change in ownership following the merger. A person familiar with the matter said the change will be only in the name of the shareholder, but will not impact the shareholding pattern.

Contributed by Nishanth Vasudevan & Shailesh Menon.