Fintotal News Analysis | Bank of India to Take Up Stake in Bharti AXA Mutual Fund
Bank of India to Take Up Stake in Bharti AXA Mutual Fund
Ruby Jacob, 26 Apr 2012

26 April 2012

Bank of India is set to re-enter mutual fund business after exiting it in 2004. From 23 May 2012, Bharti AXA Mutual Fund will become BOI AXA Mutual Fund.

Bank of India will acquire 25% stake from Bharti Ventures Ltd and 26% stake from AXA Investment Managers Asia Holdings Pvt Ltd making its holding to 51% in the joint venture arrangement. Bank of India had its stunt with mutual fund business when it entered as principal sponsor of BOI Mutual Fund in 1994. It exited in 2004 and four of six schemes were redeemed while two were transferred to Taurus Mutual Fund.

BOI is the 4th largest public sector bank in India and the JV will benefit from its vast distribution network. AXA Investment Managers is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management.

With this, Bharti Ventures Ltd, part of Bharti Group, will exit the joint venture. All schemes will be prefixed with BOI AXA instead of Bharti AXA. Existing unit holders of Bharti AXA Mutual Fund can exit investments without paying exit load from 23 April 2012 to 23 May 2012.

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