Mumbai: Mahindra Asset Management Company has entered into a joint venture with Toronto-based financial services group Manulife to expand the depth and breadth of fund offerings and retail fund penetration in India.
The 51:49 joint venture brings together Mahindra’s domestic market strength focused on meeting customer needs with Manulife’s global wealth and asset management capabilities in servicing the needs of Asian consumers, across developed and developing markets.
Manulife operates as John Hancock in the United States, providing wealth and asset management and life insurance solutions for individuals, groups, and institutions around the world with assets under management and administration of over 849 billion dollars (about Rs 58.98 lakh crore).
Mahindra AMC, a subsidiary of Mahindra & Mahindra Financial Services, offers nine different investment schemes with annualized average assets under management at Rs 5,019 crore and over 1.6 lakh customer accounts from 400 cities.
“Our experience shows that there is a tremendous appetite for investment products and potential for growth in these markets,” said Ashutosh Bishnoi, Managing Director, and CEO of Mahindra AMC. “Manulife’s on the ground experience in global emerging markets will help to cater to the needs of the developing Indian retail fund market,” he said in a statement.
Mahindra Finance is the only non-banking finance company from India to be listed on the Dow Jones Sustainability Index in the emerging market category. The Mahindra Group is a 20.7 billion dollar federation of companies and employs over 2.4 lakh people across 100 countries.