XTRAS: BNP Paribas Asset Management is one of the first organisations to integrate ESG analysis, and they manage assets worth over Rs. 17 trillion, which comply with the ESG report.
MERGER OF BARODA AMC WITH BNP PARIBAS AMC
The Indian mutual fund industry is witnessing strong growth. There is a wave of both experienced and new investors in the country who want to participate in the Indian growth story. For nationalized banks, wealth management has not traditionally been in focus. Following the SBI, India’s second largest government-owned lender Bank of Baroda is making a major foray into wealth management. BOB on 14th March 2022 has said that the merger of its wholly-owned subsidiary Baroda Asset Management India Limited (Baroda AMC) with BNP Paribas Asset Management India Private Limited (BNPP AMC) has been completed and the new entity has commenced its operations. BOB will have a 50.1% stake, while BNP Paribas Asset Management will hold the remaining 49.9%.
Suresh Soni, who was heading the Baroda AMC, has been appointed the chief executive officer of BBNP. BBNP will offer 28 schemes across equity, hybrid, debt, and overseas fund-offund categories. The joint venture will also provide offshore advisory services with assets worth Rs 22,522 crore. With touch points in 90 towns and cities across India, it is expected to serve over 1 million investor folios and more than 10,000 distributors. The new mutual fund house aims to deliver strong performance, offer diverse and innovative investment solutions, combined with good service to help fulfil investors’ financial goals.
