Essel Finance gets SEBI approval to acquire stake in Peerless MF & Peerless Trust
The assets under management of the fund house stood at Rs 9,554 crore as on March 31
Essel Finance Wealthzone, a wholly-owned subsidiary of Essel Finance Management LLP, on Friday said that it has received approval from SEBI to acquire some stake in Peerless Funds Management Company (PFMCL) and Peerless Trust Management Company (PTMCL).
Peerless General Finance and Investment Company (PGFI) will sell its entire stakeholding in PFMCL and PTMCL.
Essel Finance Management (EFM) is promoted by the Essel Group, the USD 10-billion conglomerate that has emerged as one of the India’s most prominent business houses with a strong foothold in entertainment, media, packaging, infrastructure, education, precious metals and technology sectors.
Currently, EFM is offering a range of financial services and products such as SME business loans through its non-banking financial company (NBFC), housing finance, forex, private equity, investment banking & distribution.
PGFI is the sponsor, PTMCL is the trustee, and PFMCL is the investment manager of Peerless Mutual Fund, headquartered in Kolkata. The assets under management of the fund house stood at Rs 9,554 crore as on March 31.The Peerless AMC manages funds across the entire risk-return continuum, such as equity, hybrid and debt. At present, the Peerless AMC manages one liquid scheme, four fixed income schemes, one hybrid scheme and three equity schemes including an Equity Linked Savings Scheme.