Birla MF completes acquisition of ING AMC

Birla Sun Life Asset Management Company Ltd (BSLAMC), a part of Aditya Birla Financial Services group, today said it has completed acquisition of all mutual fund schemes and portfolio management accounts of ING Investment Management India.BSLAMC has now taken over the rights to manage the schemes and investor accounts from IIMIPL as investment manager, it said.

Also read: MFs' exposure to bank stocks drops to Rs 55398cr in SeptFollowing the acquisition, six equity and six debt schemes acquired from IIMIPL have been merged with existing schemes at BSLAMC as per no-objection received from Sebi. A few schemes, including multi-manager funds, have however been retained in line with BSLAMC's strategy to grow and serve even more investors.The acquisition has also added three new products to BSLAMC's suite of portfolio management service (PMS) offerings."Post the acquisition which took place last week, the assets under management of my company, which were currently around Rs 1,00,000 crore, have increased by Rs 680 crore and  funds being managed by us under PMS will be increased by Rs 200 crore to Rs 630 crore. Also, it will bring in 78,000 new investors to our existing investor base of 20 lakh," Birla Sun Life Asset Management Company CEO A Balasubramanian told PTI."We are thankful to sectoral regulator Sebi and Competition Commission of India for their quick approval to the acquisition, the process for which began in May this year," he said.The current acquisition is the third by BSLAMC as it has already acquired schemes of Alliance Mutual Fund in 2004 and Apple Mutual Fund in 1999.