objection to the inclusion of Pioneer Global Asset Management SpA
(Pioneer Investments) as a co-sponsor in BOB Mutual Fund.
Consequently, Pioneer Investments has acquired a 51% shareholding in
BOB Asset Management Company Limited. Pioneer Investments through this
joint venture with Bank of Baroda is set to commence its asset
management operations and mutual fund business in India. The new
venture will now be named as “Baroda Pioneer Asset Management Company
Limited”, with Pioneer Investments holding 51% stake with management
control and Bank of Baroda holding 49% in the AMC.
The joint venture combines world class investment management skills of
Pioneer Investments, gained over the last 80 years from various
markets across the globe, with the very strong presence in India of
Bank of Baroda’s wide network of branches. For Investors, this would
result in newer opportunities for wealth creation combined with easy
accessibility.
Henceforth, BOB MF will be known as “Baroda Pioneer Mutual Fund”. The
Schemes of the Mutual Fund would continue to be governed by their
respective existing Offer Documents. The Board of Directors of the AMC
will be reconstituted with nominees from the two partners Pioneer
Investments and Bank of Baroda as well as the complement of prominent
persons as independent directors.
The Chief Executive Officer of this newly formed joint venture AMC
will be Mr. Rajan Krishnan who has been associated with the project
from earlier this year in April. Rajan has over 13 years of experience
in the mutual fund industry focusing on establishing national sales &
distribution networks.
Speaking on this occasion, Mr. Dario Frigerio, CEO, Pioneer
Investments said, “The Mutual Fund industry in India is one of the
most exciting opportunities we see around the world. Notwithstanding
the recent volatility, we are convinced there is a huge potential for
the asset management industry in India and the present market
conditions present a good opportunity to build a great long term track
record. In addition, as well the established commitment to investing
in mutual funds in the main metros, there is clear evidence there is a
new generation of investors coming into the Indian fund market in the
second tier cities. With this joint venture, we are well positioned to
bring our experience in global asset management to the advantage of
investors in India in partnership with the experience, presence and
customer knowledge of Bank of Baroda."
Director, Bank of Baroda said,” This joint venture with Pioneer
Investments would help us offer a wider bouquet of financial services
to the existing as well as new customers of Bank of Baroda. This would
be a big step forward in our endeavours to make our very wide branch
network resemble a financial supermarket to the benefit of our
customers."
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