Financial Daily from THE HINDU group of publications
Friday, May 20, 2005
Financial Daily from THE HINDU group of publications Friday, May 20, 2005 |
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Money & Banking
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Outlook Markets - Mutual Funds To extend alliance to MFs M. Ramesh
Chennai , May 19 THE South African insurance house, Sanlam and the Shriram group are likely to join hands for yet another venture — mutual funds. This was disclosed to Business Line by Ms Lize Lambrechts, CEO, Sanlam Life Insurance. Sanlam is present in the mutual funds industry in South Africa and has assets under management of around Rs 1.5 lakh crore, which is a little more than the entire Indian MF industry. As per the agreement with Shriram and Sanlam for the life insurance joint venture, Sanlam has the `first right of refusal' to partner with the Shriram group, should the group decide to start an asset management company. Asked about this, the Shriram group's Chairman, Mr R. Thyagarajan, said that while Sanlam was "very keen" the group would not venture into the mutual funds business immediately, "but perhaps in about two years time, after the life insurance venture stabilises." The Shriram group was into mutual funds briefly for a couple of years in the late 1990s, but exited it.
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