Page 20 - BANKING FINANCE November 2015 ONLINE

P. 20

MUTUAL FUND

NEWS

Yes Bank gets RBI nod for mutual fund BlackRock plans new so-
cial-impact mutual fund
The Rana Kapoor-led Yes Bank has re- ments & savings solutions. The Bank
ceived approval from the RBI to set up will simplify and integrate "manufac- BlackRock Inc will launch a new mu-
a mutual fund, asset management turing to distribution" of equity and tual fund that targets clients who
company and trustee company. The debt investment products for all its cus- want to boost the social impact of
AMC and the trust com- their investments, not just their re-
pany will be set up as tomers," the bank said in a turns.
wholly owned subsidiaries statement. The BlackRock Impact U.S. Equity
of the bank. Fund will be run by BlackRock's Sci-
The AMC will merge with entific Active Equity Team, an inter-
The Asset Management the bank's move to grow its nal group that mines data for invest-
Company (AMC) will channelize the investment advisory and ing insights and manages $90 billion
savings of retail and institutional inves- wealth management solutions and also in assets, according to Debbie
tors in equity and debt capital markets. beef up its capital market strengths. McCoy, a strategist on the fund. The
"This will complement YES BANK's re- "In its 12th year of operations, as YES firm has been working to increase the
tail liabilities strategy, and also allow BANK accelerates into its next phase investment performance and sales in
the AMC to leverage the bank's distri- of growth, this new business initiative its stock-picking funds business.
bution network for customer acquisi- will provide further acceleration to YES The product is the first of its kind to
tion, and provide customers a seamless BANK's differentiated product offer- be launched by BlackRock since the
digical experience for their invest- ings to its customers," the statement money manager announced in Feb-
added. ruary that it hired Deborah Winshel,
a former president of The Robin
Nippon Life Hikes Stake In Reliance Mutual Fund Hood Foundation, to spearhead an
effort to help clients invest in prod-
Japan's Nippon Life had hiked its stake in Reliance Mutual Fund to 49 per cent ucts that take environmental and
as it bought 14 per cent more in the fund for Rs 1196 social goals into account.
cr. Nippon earlier held a 35 per cent stake in the fund.
The fund house valuation is up to 13 billion dollars now.

Anil Ambani while addressing the shareholders at its
Annual General Meeting in September, had said that
the company was in active discussions with Nippon Life Insurance to enhance
collaboration for mutual benefit.

Nippon is also expected to increase its stake from 26 per cent to 49 per cent in
Reliance Life Insurance.

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