New Delhi: Mahindra & Mahindra Financial Services Limited on Friday said that it has entered into a joint venture with the global financial services group Manulife through its through its subsidiary, Mahindra Asset Management Company (Mahindra AMC) Private Limited.
The 51:49 joint venture aims to expand the depth and breadth of fund offerings and retail fund penetration in India.
Manulife is a leading international financial services group, operating primarily as Manulife globally and as John Hancock in the United States, providing wealth and asset management and life insurance solutions for individuals, groups and institutions around the world. It has assets under management and administration of over Rs 58.98 Lakh crore as of March 31, 2019.
Mahindra AMC is one of the fastest growing asset management companies in India, currently offering over 9 different investment schemes. With annualized average Assets Under Management at Rs 5019 crores (YTD) and over 1.6 lakh customer accounts from 400 cities.
“We believe that together we can create a unique value proposition for our retail investors. Manulife’s asset and wealth management experience extends over 150 years and they have enjoyed successes across emerging and developed markets. We welcome Manulife as a strategic partner, to further driveour efforts at increasing mutual fund penetration in India and driving positive change,” Ramesh Iyer, Vice-Chairman & Managing Director, Mahindra Finance, said.
“We are excited to be partnering with Mahindra Finance to serve the growing middle class in India by drawing experience from our existing business in providing over 10 million customers across 16 Asian markets with our holistic investment offerings across mutual funds, investment linked products and pension,” Mr. Anil Wadhwani, CEO & President of Manulife Asia, said.