Mahindra & Mahindra Financial Services Limited through its subsidiary, Mahindra Asset Management Company Private Limited has entered into a joint venture with the leading global financial services group, Manulife*. The 51:49 joint venture aims to expand the depth and breadth of fund offerings and retail fund penetration in India. The joint venture brings together Mahindra’s domestic market strength and tracks record of successfully building businesses focused on meeting customer needs, with Manulife’s global wealth and asset management capabilities and richness of experience in servicing the needs of Asian consumers, across developed and developing markets. Manulife is a leading international financial services group. It primarily operates as Manulife globally and as John Hancock in the United States, providing wealth and asset management and life insurance solutions for individuals, groups and institutions around the world, with assets under management and administration of over US$ 849 billion (**INR 58.98 Lakh crore) as of March 31, 2019.
Mahindra Asset Management Company (Mahindra AMC) is one of the fastest growing asset management companies in India, currently offering over 9 different investment schemes. With annualized average Assets Under Management at INR 5019 crores (YTD) and over 1.6 lakh customer accounts from 400 cities, Mahindra AMC is powered by over 11,000 empaneled distributors. Mr. Ramesh Iyer, Vice-Chairman & Managing Director, Mahindra Finance, said “Mahindra Finance, with its strong financial services presence in India and innovative products and services designed around evolving customer needs, has been adding value to customers across the country. Mahindra & Manulife share a common vision of building a market leading asset management business, servicing the needs of retail investors and becoming one of India’s most admired asset management companies. We believe that together we can create a unique value proposition for our retail investors.
Manulife’s asset and wealth management experience extends over 150 years and they have enjoyed successes across emerging and developed markets. We welcome Manulife as a strategic partner, to further drive our efforts at increasing mutual fund penetration in India and driving positive change.” Mr. Anil Wadhwani, CEO & President of Manulife Asia, said “We are excited to be partnering with Mahindra Finance to serve the growing middle class in India by drawing experience from our existing business in providing over 10 million customers across 16 Asian markets with our holistic investment offerings across mutual funds, investment-linked products, and pension. We are extremely pleased that Mahindra also shares our passion for helping customers and together we will make investment decisions easier and the lives of Indians better.” Mr. Ashutosh Bishnoi, MD & CEO, Mahindra Asset Management Company said “Mahindra Asset Management has, over the last few years, successfully made in-roads into areas beyond the traditional investment markets of India.
Our experience shows that there is a tremendous appetite for investment products and potential for growth, in these markets. Manulife Asset Management fits as the right strategic partner for Mahindra Asset Management as they bring an enormous pool of fund management talent, backed by global best practices and processes. Manulife’s on the ground experience in global emerging markets will help to cater to the needs of the developing Indian retail fund market.” * The Joint venture with Manulife will be signed by Manulife Asset Management (Singapore) Pte. Ltd. ** 1$=INR 69.47 Mr. Michael Dommermuth, Head of Wealth and Asset Management, Manulife Asia, said “We are very excited to be partnering with Mahindra to bring our experience to Indian consumers and further extend our global footprint. Mahindra Finance has become a market leader by focusing on meeting unmet customer needs, which mirrors our own experiences in growing our Asian franchise.”
