Mahindra Finance sells 49% of asset management arm to Manulife

Singapore-based investment management company Manulife has bought a 49% stake in the asset management arm of Mahindra Finance, marking yet another collaboration between an Indian financial company and a foreign asset management company for operations in India. The transaction has been structured as an investment of $34.9 million, or about Rs 2,000 cr, into the […]

Bank of Baroda buys out Pioneer Investments from AMC unit

Bank of Baroda said it will buy out its foreign partner Pioneer Investments in its asset management subsidiary to raise its stake in the unit to 100%. It will acquire 51% of Baroda Pioneer Asset Management Company for an undisclosed amount. This is being done due to the acquisition of Pioneer Investments by Amundi, which […]

Pramerica buys Deutsche Bank’s asset management business in India, Dewan Housing to float JV

Pramerica Asset Managers, the asset management business in India of Pramerica Investment Management, said it had agreed to buy Deutsche Bank’s India asset management business. Separately, Dewan Housing Finance Corporation Ltd also said that it had decided to acquire 50% of the equity share capital of Pramerica Asset Managers Private Limited — the asset management […]

One of India’s largest mutual funds lends to Ujjivan microfinance lender

Bangalore-based Ujjivan Financial Services has become the first microfinance institution in India to raise funds directly from mutual funds, and that too one of the largest mutual funds in India. It raised Rs 50 cr from an unnamed mutual fund by placing ‘commercial paper’ (a kind of debt). “This is the first CP issuance by […]