The Securities and Exchange Board of India (SEBI) has issued a no objection to the inclusion of Pioneer Global Asset Management SpA (Pioneer Investments) as a co-sponsor in BOB Mutual Fund. Consequently, Pioneer Investments has acquired a 51% shareholding in BOB Asset Management Company Limited.
Pioneer Investments through this joint venture with Bank of Baroda is set to commence its asset management operations and mutual fund business in India. The new venture will now be named as “Baroda Pioneer Asset Management Company Limited”, with Pioneer Investments holding 51% stake with management control and Bank of Baroda holding 49% in the AMC.
The joint venture combines world class investment management skills of Pioneer Investments, gained over the last 80 years from various markets across the globe, with the very strong presence in India of Bank of Baroda’s wide network of branches.
Henceforth, BOB MF will be known as “Baroda Pioneer Mutual Fund”. The schemes of the mutual fund would continue to be governed by their respective existing Offer Documents. The Board of Directors of the AMC will be reconstituted with nominees from the two partners Pioneer Investments and Bank of Baroda as well as the complement of prominent persons as independent directors.
The Chief Executive Officer of this newly formed joint venture AMC will be Rajan Krishnan who has been associated with the project from earlier this year in April. Rajan has over 13 years of experience in the mutual fund industry focusing on establishing national sales & distribution networks.
Commenting on this occasion, M D Mallya, Chairman & Managing Director, Bank of Baroda said,” This joint venture with Pioneer Investments would help us offer a wider bouquet of financial services to the existing as well as new customers of Bank of Baroda. This would be a big step forward in our endeavours to make our very wide branch network resemble a financial supermarket to the benefit of our customers."
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