Financial Daily from THE HINDU group of publications
Tuesday, Sep 27, 2005
Financial Daily from THE HINDU group of publications Tuesday, Sep 27, 2005 |
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Markets
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Mergers & Acquisitions Birla Sun Life acquires Alliance MF schemes Our Bureau
Mumbai , Sept. 26 BIRLA Sun Life Asset Management Company and Birla Sun Life Trustee have announced the acquiring of schemes of Alliance Capital Mutual Fund (ACMF). This transaction will fortify Birla Sun Life AMC's position in the industry by increasing its assets under management and broadening its investor base, a press release said. ACMF has assets of Rs 1,305 crore under its management as on September 23. Of this, equity MF assets represent 46 per cent. As on August 31, AUM of Birla Sun Life AMC stood at Rs 11,275 crore. "ACMF schemes fit well with the existing business of Birla MF. Birla Sun Life AMC is currently planning to promote the acquired schemes with its distributors and investors," the release said quoting Mr S.V. Prasad, CEO of Birla Sun Life.
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