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Mumbai, April 2 Bharti AXA Investment Managers has received regulatory approval from SEBI to start its mutual fund business. The company is a joint venture between Bharti Ventures, AXA Investment Managers (AXA IM) and AXA Asia Pacific Holdings.

“We have already hired all the key personnel and are in advanced stages of setting up a nationwide distribution network with sales offices. Going forward, the company has aggressive roll-out plans with a distinct retail focus,” said Mr Sandeep Dasgupta, CEO, Bharti AXA Investment Managers, in a news release.

AXA IM is one of the largest Europe-based asset managers with $830 billion in assets under management as of end December 2007. Bharti Ventures is part of Bharti Group, with interests in telecom, agri-business, insurance and retail.

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