HDFC AMC opens Nashik branch

HDFC Assets Management Company Ltd (AMC), which functions as an AMC for the HDFC Mutual Fund, has opened its branch in Nashik.

The branch, located near the Rajiv Gandhi Bhavan, is HDFC AMC's first branch in Nashik and the third in Maharashtra after Pune and Nagpur.

HDFC AMC assets under management (AUM) was Rs 31,424.74 crore.

"Our vision is to be a dominant player in the Indian mutual fund space, recognised for its high levels of ethical and professional conduct and a commitment towards enhancing investor interests. We have opened our branch here to strengthen our base in north Maharashtra. We are also planning to open new branches across Maharashtra but we don't want to disclose our plans right now," said an HDFC AMC official.

In 2003, following a decision by the Zurich Insurance Company (ZIC), the sponsor of Zurich India Mutual Fund, to divest its asset management business in India, HDFC AMC had entered into an agreement with ZIC to acquire the asset management business.

Consequently, all the schemes of Zurich Mutual Fund in India had been transferred to HDFC Mutual Fund and renamed as HDFC schemes.