homemarket Newsstocks NewsBajaj Finserv shares rise over 1% ahead of its mutual fund business launch
Bajaj Finserv shares rise over 1% ahead of its mutual fund business launch
Bajaj Finserv, the holding company for the various financial services, will be announcing it mutual fund businesses via a press conference today. The non-banking financial services company got SEBI's approval in March for its MF business and the same will be operated under Bajaj Finserv Mutual Fund.
Bajaj Finserv shares rose over 1 percent on Tuesday ahead of the launch of its mutual fund (MF) business. On the BSE, the stock increased by 1.38 percent to Rs 1478.95 apiece. The stock advanced 1.37 percent to Rs 1,478.90 apiece on the National Stock Exchange (NSE).
Bajaj Finserv, the holding company for various financial services, will be announcing its mutual fund businesses via a press conference. The non-banking financial services company got SEBI's approval in March for its MF business and the same will be operated under Bajaj Finserv Mutual Fund. This will also be the first fund house to be headquartered in Pune.
In April, Bajaj Finserv Mutual Fund also filed a draft for seven new fund offers (NFOs). The newest entrant to the mutual fund industry, is beginning its journey with a scheme in all major categories, like flexi cap funds, balance advantage funds and liquid funds among others.
The company had earlier said that the fund house will offer a range of mutual fund products including equity, debt, and hybrid funds, both in the active and passive segments. The fund house also said that it will 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.
The management team of Bajaj Finserv MF includes Nimesh Chandan as Chief Investment Officer (CIO), who prior to joining BFAML, was Head - Investments, Equities at Canara Robeco AMC. Sanjiv Bajaj is the Chairman & Managing Director and Ganesh Mohan is the Chief Executive Officer of the newly formed mutual fund house.
First Published: Jun 6, 2023 10:40 AM IST
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