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Our Bureau

Kolkata , Oct. 5

PRINCIPAL Mutual Fund plans to tie up with Allahabad Bank for distribution.

The two parties will shortly make an announcement, sources said, adding that the bank plans to offer all schemes managed by the fund house.

Initially, this will be done through select branches.

The proposal is part of Principal MF's strategy to access the bank's network and cater to new investors, especially those on the retail side.

Allahabad Bank, which has a similar tie-up with UTI Mutual Fund, intends to provide a wide range of financial products to customers.

It will also try to bolster its own marketing skills to vend such products to retail clients and, as a consequence, increase its fee-based income.

Principal MF has a number of funds in its stable, including several equity funds with different investment objectives.

It has recently worked out a scheme primarily aimed at investing in very large-cap companies.

Principal relocates debt specialist: Mr Binay Chandgothia, who handled fixed income at Principal MF's India operations, has moved to Hong Kong.

Principal Hong Kong, known as a retirement service provider, comprises Principal Insurance Company (Hong Kong) Ltd, Principal Trust Company (Asia) Ltd, Principal Asset Management Company (Asia) Ltd and Principal Global Investors (Asia) Ltd.

It also offers wealth management services.

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