Mahindra & Mahindra Financial Services subsidiary, Mahindra Asset Management Company, has entered in to 51:49 joint venture with global financial services group, Manulife.
Moneycontrol first reported the development on June 21 about Manulife willing to pick stake in Mahindra AMC.
The joint venture with Manulife will be signed by Manulife Asset Management (Singapore) Pte Ltd.
“With 49 percent stake Manulife will bring in $35 million in to the business,” said Ramesh Iyer, Vice-Chairman and Managing Director, Mahindra Finance.
Toronto-headquartered Manulife, operates as John Hancock in the US, providing wealth and asset management, and life insurance services.
As of March 31, the assets of Manulife stood at $849 billion (Rs 58.98 lakh crore).
It largely has operations in Asia, Canada and the US.
“Manulife is a leader in Hong Kong and second largest player in Indonesia,” said Michael Dommermuth, Head of Wealth and Asset Management-Asia, Manulife Investment Management.
“With our global headquarters in Toronto, Canada we trade as ‘MFC’ (Manulife Financial Corportion) on the Toronto, New York and the Philippine stock exchanges,” he added.
Anand Mahindra-promoted M&M Finance is the parent of Mahindra AMC, which is among the smaller asset management companies in India, with assets under management of a little under Rs 5,000 crore.
Of this, Rs 1,600 core is equity funds, while the rest is debt funds.
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