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Monday, September 22, 2014

Kotak Mahindra Asset Management Company acquires schemes of PineBridge Mutual Fund

Kotak Mahindra Asset Management Company (KMAMC), a wholly owned subsidiary of Kotak Mahindra Bank (KMBL) has announced that it has executed definitive agreement to acquire the domestic schemes of PineBridge Mutual Fund (PBI MF), subject to regulatory approvals. PBI MF is managed by PineBridge Investments Asset Management Company (India).

Gaurang Shah, President – Asset Management, Life Insurance and International Business, KMBL, said “We have agreed to acquire the schemes of PineBridge Mutual Fund. The assets included are equity oriented which provides a further enrichment to our equity base. We have an appetite for further acquisitions which can create value for us and we would be keen to consider such opportunities.” 

The fund houses share common investment philosophies of selecting robust companies with good management quality. This provides an optimal platform for smooth and efficient integration of the schemes. As of August 31, 2014, the Assets under Management (AUM) of Kotak Mahindra Mutual Fund (KMMF) is approximately Rs. 37,000 crore and the AuM of PBI MF is approximately Rs. 660 crore. 
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