Axis Pension Fund Management Ltd (Axis PFM) has been appointed as a Pension Fund Manager (PFM) by the Pension Fund Regulatory and Development Authority (PFRDA) for managing the funds under National Pension System (NPS).
Axis PFM is a subsidiary of Axis Asset Management Company and a step-down subsidiary of Axis Bank.
The PFM received the certificate for business commencement on September 20 from PFRDA and started operations from October 21.
Amitabh Chaudhry, MD and CEO, Axis Bank said, “With the launch of Axis Pension Fund, we are strengthening our presence in the retirement solutions segment. The company has already become the fastest private Pension Fund to cross ₹100 crore of AUM within the first 45 days of business operations.”
Sumit Shukla, MD and CEO, Axis Pension Fund, observed that the concept of retirement planning is still at a very nascent stage in India.
“We want all the citizens in India to build their retirement wealth with NPS and enjoy regular income through Annuity post superannuation for a secured retired life. With a little retirement planning, citizens can continue to live with freedom while maintaining financial independence during their second innings of life,” he said.