Manulife Investment Management announced April 29 that it has invested US$ 35 million to acquire a 49 percent stake in Mahindra Asset Management Company (Mahindra AMC).
The joint venture first announced last year will focus on expansion of fund offerings and long term wealth creation.
Ramesh Iyer, Vice-Chairman & Managing Director, Mahindra Finance, says the companies share a common vision of building a market leading asset management business in India. “We firmly believe that there is an incredible appetite for investment products and strong potential for growth in India beyond traditional markets. I am confident that this partnership will help accelerate our efforts towards increasing mutual fund penetration, through innovative products and solutions and best in class service standards."
Paul Lorentz, President and CEO, Global Wealth and Asset Management, Manulife Investment Management, said his company has a strong history of building retail fund businesses across Asia. “We look forward to working with the perfect partner in Mahindra Finance to increase awareness and accessibility of retail mutual fund products in India, expand our investment solutions, and build multi-channel distribution," he stated.
