The Hindu Business Line : Canbank AMC finalises terms to buy GIC Mutual

CANBANK Investment Management Services Ltd (CIMS), the asset management company of Canbank Mutual Fund, has finalised the terms for taking over GIC Mutual Fund.

Speaking today at the launch of CanInfrastructure Fund, Mr N.R. Ramanujam, Managing Director of CIMS, said the acquisition would result in an increase in the assets under management by Rs 130 crore and also add another 1,10,000 investors.

Canmutual currently has assets under management of at least Rs 2,400 crore, he said.

Mr M.B.N. Rao, Chairman and Managing Director of Canara Bank, told reporters that they had also received proposals from global AMCs for an alliance with Canbank MF.

"We have not decided on what kind of alliance it would be and we are still examining the proposals," he said.

Mr Ramanujam said Caninfrastructure would focus exclusively on infrastructure companies.

The fund would invest in both infrastructure, manufacturing and also in companies providing infrastructure services.

This would also include cement, telecom, petroleum and urban infrastructure sectors.

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