homebusiness Newscompanies NewsBajaj Finserv Mutual Fund launched today, products to be available in next 30 days
Bajaj Finserv Mutual Fund launched today, products to be available in next 30 days
Bajaj Finserv, the holding company for various financial services, got SEBI's approval in March for its MF business. The AMC will be launching seven new fund offers (NFOs) too. This will include liquid fund, money market fund, overnight fund, arbitrage fund, large and midcap fund, balanced advantage fund and flexicap fund.
Bajaj Finserv on Tuesday launched its mutual fund (MF) business. Known as Bajaj Finserv Mutual Fund, this will be India's 41st asset management company (AMC). The fund house will start rolling out products in the next 30 days. Ganesh Mohan will be the CEO of Bajaj Finserv AMC, the firm said in a press conference.
Additionally, the non-banking financial services company announced the launch of seven new fund offers (NFOs) via its new mutual fund business. This will include liquid funds, money market funds, overnight funds, arbitrage funds, large and midcap funds, balanced advantage funds and flexicap funds.
Commenting on the launch, Sanjiv Bajaj, Managing Director at Bajaj Finserv, said that differentiation is the only thing which can set them apart. He further said that the mutual fund business is on a very strong growth curve and they know what to do and what not in the Indian mutual fund industry.
"We have leveraged data and technology. This will help our mutual fund business," he said while addressing the media.
He added that they had the largest set of partnerships across businesses and are confident of India's growth story for the next 20 years.
On the new business and role, Mohan said that they were looking at starting the AMC business with a clean slate.
"We are building our AMC business for what the MF industry will be 15 years later. There are over 6,000 AMCs in the US and over 4,000 in the UK. We need to have seamless digital processes," he said.
Mohan has been part of Bajaj Finserv for eight years as group head of corporate strategy, prior to taking over as CEO of Bajaj Finserv Asset Management Ltd (BFAML). Earlier, he held various leadership roles with The Boston Consulting Group for 16 years.
Bajaj Finserv, the holding company for various financial services, got SEBI's approval in March for its MF business. The company had earlier said that it would create a tech-driven, multi-channel approach to serve investors across various touch points and geographies in order to build a future-ready asset management company.
First Published: Jun 6, 2023 11:47 AM IST
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