Nov 14, 2016
Essel Finance announces its entry into the Indian Mutual Fund business by acquiring Peerless Mutual Fund
With this acquisition, Essel Finance Management (EFM) is moving one more step closer to its vision & strategy of becoming a financial services conglomerate and to be part of the Top 10 financial services group in India.
Essel Finance has signed an agreement for acquiring 100% shareholding in the Peerless Fund Management Company Limited (Peerless AMC) and the Peerless Trust Management Company Limited (Peerless Trust) (subject to SEBI approval). Currently Peerless Mutual Fund has around 1000 Cr AUM and EFM is confident that it can create a $10 billion USD AUM in the next 6-7 years time.
The addition of Mutual Fund to its existing bouquet of services mainly NBFC, Housing Finance, Private Equity, Investment Banking, Forex and Distribution; makes EFM a comprehensive financial services provider.
Mr Amitabh Chaturvedi - Managing Director of Essel Finance Management added "The acquisition is part of our strategy to become a financial services conglomerate. The addition of the mutual fund business will fortify our position and take us closer to our goals."
Currently EFM is offering a range of financial services and products such as SME Business Loans through its Non-Banking Financial Company (NBFC), Housing Finance, Forex, Private Equity, Investment Banking & Distribution.
Mr Chaturvedi further emphasized "We are very pleased with Peerless' team, products and its performance and are confident that we will be able to create a large asset management business. We look forward to a smooth & speedy transition, subject to regulatory approvals."