Mahindra Finance and Manulife set up asset management JV in India
Mahindra Finance, through its Mahindra AMC subsidiary, has formed a joint venture with Manulife that aims to expand the strength and distribution of fund offering and retail fund penetration across India.
The JV, split 51:49 with Mahindra taking the larger stake, combines both Mahindra’s leading market position and demonstrable record of successful partnerships and business development projects with Manulife’s global wealth and asset management capabilities.
"Mahindra Finance, with its strong financial services presence in India and innovative products and services designed around evolving customer needs, has been adding value to customers across the country,” said Ramesh Iyer, Vice-Chairman and Managing Director of Mahindra & Mahindra Financial Services Limited, in the press release announcing the JV.
“Mahindra & Manulife share a common vision of building a market leading asset management business, servicing the needs of retail investors and becoming one of India's most admired asset management companies.
“We believe that together we can create a unique value proposition for our retail investors. Manulife's wealth and asset 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 drive our efforts at increasing mutual fund penetration in India and driving positive change."