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Construction : Deals | May 2012 | Source : Construction Update

BoI picks up 51% in Bharti Axa MF

Axa Investment Managers Asia Holdings and Bharti Enterprises together sold 51 percent holding in Bharti Axa Mutual Fund to public sector lender Bank of India (BoI).The size of the transaction, however, is not known.

While Bharti Enterprises sold 25 per cent stake in the fund house, Axa Investment Managers Asia Holdings sold 26 per cent.

Following the acquisition, BoI may change the name of the fund house to Bank of India AXA Investment Managers. With the stake transfer, BoI is re-entering mutual fund business. The bank was in the mutual fund business in 1990.

Of the six schemes launched by the fund, four had been redeemed and two schemes transferred to Tauras Mutual Fund after giving exit option to investors in 2004.

At present, there are eight MFs either fully or partly owned by banks along with overseas partners. These include Baroda Pioneer Mutual Fund, Canara Robeco Mutual Fund, ICICI Prudential MF, Principal MF of PNB and SBI Mutual Fund, Axis MF, IDBI Mutual Fund and Union KBC MF of Union Bank.
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