Bajaj Finserv, a holding company for various financial services, received SEBI approval for its MF business in March. AMC will also launch seven New Fund Offers (NFOs). These include liquid funds, money market funds, overnight funds, arbitrage funds, large and midcap funds, balanced advance funds and flexicap funds.
Bajaj Finserv launched its Mutual Fund (MF) business on Tuesday. Known as Bajaj Finserv Mutual Fund, it is India’s 41st Asset Management Company (AMC). The fund house will start rolling out the products in the next 30 days. Ganesh Mohan will be the CEO of Bajaj Finserv AMC, the firm announced in a press conference.
Also, the non-banking financial services company announced the launch of seven new fund offerings (NFOs) through its new mutual fund business. These include liquid funds, money market funds, overnight funds, arbitrage funds, large and midcap funds, balanced advance funds and flexicap funds.
Commenting on the launch, Sanjeev Bajaj, Managing Director, Bajaj Finserv said that differentiation is the only thing that can set them apart. He said that the mutual fund business is on a very strong growth curve and they know what to do and what not to do in the Indian mutual fund industry.
“We have leveraged data and technology. It will help our mutual fund business,” he said while addressing the media.
He added that they have the largest participation across businesses and are confident in India’s growth story for the next 20 years.
On the new business and role, Mohan said they are looking to start the AMC business with a clean slate.
“We are building our AMC business for what the MF industry will look like 15 years from now. There are over 6,000 AMCs in the US and over 4,000 AMCs in the UK. We need seamless digital processes,” he said.
Bajaj Finserv, a holding company for various financial services, received SEBI approval for its MF business in March. To build a future-ready asset management company, the company had earlier said it would create a technology-driven, multi-channel approach to serve investors across various touch points and geographies.
First Published: June 6, 2023 11:47 AM IST