M&A

M&A

BoB merges MF unit into JV with BNP Paribas

BusinessLine  

Baroda Mutual Fund has joined hands with BNP Paribas to form Baroda BNP Paribas Mutual Fund. Bank of Baroda will have a 50.1% stake in the AMC, while BNP Paribas Asset Management will hold the remaining stake. Suresh Soni has been appointed CEO of the merged entity. The newly formed asset management company will offer 28 schemes across equity, hybrid, debt and overseas fund-of-fund categories. With touch points in 90 towns and cities across India, it is expected to serve over one million investor folios and over 10,000 distributors. The JV will also provide offshore advisory services and has combined assets under management and advisory of INR 22,522 crore as on March 14.