Bank of India re-enters mutual fund business

Bank of India, on Monday, re-entered the mutual fund business by forging a joint venture with AXA Investment Managers.

In the new joint venture — BoI-AXA Investment Managers Pvt. Ltd. — Bank of India will have 51 per cent stake and AXA Investment Managers the balance, BoI said in a statement. However, the bank did not disclose the transaction size.

The bank has acquired 25 per cent stake from Bharti Enterprises and 26 per cent from Axa Investment Managers Asia Holdings.

Unveiling its new logo, Finance Minister Pranab Mukherjee said, “BoI AXA Investment Managers Pvt. Ltd. will facilitate investment in debt and equity and also promote financial literacy.''

With the acquisition, Bharti Enterprises has made an exit from the asset management business.