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Birla Sun Life AMC, which is the investment manager of the fourth biggest MF in the country Birla Sun Life MF, has completed the acquisition of all mutual fund schemes and Portfolio Management accounts of ING Investment Management(India) Private Ltd (IIMIPL), that was running the ING MF.
While six equity and six debt schemes acquired from IIMIPL have been merged with the current schemes of BSLAMC, a few others including multi manager funds were retained as they were as part of a growth strategy.
In a press released filed with the stock exchanges today by Aditya Birla Nuvo Ltd, A Balasubramanian, CEO, Birla Sun Life AMC, said that the fund’s physical and digital customer touch points were ready to welcome the new investors. Apart from the expertise of the fund managers, the fund provided a wide range of digital and mobile service platforms offering immense convenience to the investors.
The Birla Sun Life MF had an asset base exceeding ₹1 lakh crore as at the end of Sept 2014 quarter. The acquisition would also bring in 3 new products to the Birla Sun Life MF’s suite of Portfolio Management Service (PMS) offerings.
The effective date of transfer of ING MF’s schemes to Birla Sun Life MF is Oct 11, 2014.
The ING MF during the July-Sept 2014 quarter had total assets under management of ₹711.78 crore. Of this, ₹534.57 crore was assets under management excluding Fund of Funds-domestic but including FoF overseas. The FoF domestic was ₹177.21 crore, according to AMFI data.
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