DSP BlackRock in distribution pact with SVC Bank

DSP BlackRock Investment Managers has signed a deal with the Shamrao Vithal Co-operative Bank to distribute its mutual fund schemes through the lender's network of 105 branches.

The city-based bank, one of the leading co-operative lenders, has a strong presence in Mumbai, Pune, Thane, Nashik, Nagpur, Satara, Aurangabad, Kolhapur, Sangli, Hubli, Goa, Mangalore and Bangalore.

This is DSP BlackRock's 14 distribution tie-up. The premier asset management firm has tie-ups with Bank of India, Central Bank of India, Corporation Bank and Dena Bank, among others, a release said.

"Mutual funds, as an investment avenue, are becoming increasingly popular with retail investors. Offering advice on mutual funds investments is an extension of the value-added services that are offered by banks. We see the Shamrao Vithal Co-operative Bank as an important partner for providing asset management products to Indian retail investors and are very happy to embark on this long standing relationship," said DSP BlackRock Executive Vice-President & Head Of Sales Ajit Menon.

DSP BlackRock Investment is a joint venture between India's DSP Group and US-based BlackRock. It currently manages assets, including offshore advisory funds, of Rs 39,201 crore.