Page 18 - BANKING FINANCE JUNE 2016
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MUTUAL FUND
MUTUAL FUND
JP Morgan received clean Mutual Fund houses receive 16,425 investors' com-
chit from CCI to start plaints, drop of 7%
business Mutual fund houses received about As per data on the Association of Mu-
16,425 complaints from investors' last tual Funds of India (AMFI) website, the
Financial services firm Edelweiss has fiscal, a drop of 7 per cent,
received CCI's on account of efficient griev- top 10 mutual fund houses
approval to ac- ance redressal mechanism. received 16,425 investor
quire mutual grievances in 2015-16 com-
fund business of These complaints pertain to pared with 17,712 com-
JP Morgan in In- data corrections in investor plaints in the preceding fis-
details and non-updation of cal.
dia. The transaction, announced in changes about address, PAN (Perma-
March, marks the exit of another nent Account Number) details, and The folio base or investor accounts
foreign fund house from the over Rs nomination, among others. grew to 3.67 crore from 3.35 crore
13 lakh crore domestic mutual fund during the same period.
industry. In the past few years, a
number of other global players have LIC Nomura MF renamed to LIC MF after Nomura exit
exited the Indian MF business.
Nomura held 35 per cent stake in the
Under the deal, Edelweiss would ac- asset management company.
quire all onshore fund schemes man-
aged by JP Morgan Asset Manage- Japanese financial company Nomura "We have seen a reasonable business
ment in India including its country- has fully exited its mutual fund joint growth for last two years and we are
based onshore mutual fund business venture with LIC. As a result, LIC confident of becoming a preferred and
and the international fund of funds, Nomura Mutual Fund has now been trusted investment partner for the in-
Edelweiss had said in March. renamed LIC Mutual Fund. vesting public," Sarojini Dikhale,
Whole-Time Director & CEO at LIC
According to the scheme transfer According to the note, the Mutual Fund Asset Management Ltd,
agreement, the right to manage the shareholding pattern of the new AMC said in the note.
JP Morgan MF schemes will be trans- is: LIC - 45 per cent, LIC Housing Fi-
ferred by JP Morgan AMC to Edel- nance Ltd - 39.3 per cent, GIC Hous- "As a part of the process, we have
weiss AMC, and the sponsorship of ing Finance - 11.7 per cent and Corpo- strengthened our core team by ap-
the JP Morgan MF Schemes will be ration Bank - 4 per cent. Earlier, pointing experts from the industry and
transferred by JP Morgan Sponsor to given the synergies of the new partner-
Edelweiss Sponsor. ship, we would aspire to see our fund
house amongst top three players in
next five years," she added.
18 | 2016 | JUNE | BANKING FINANCE
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