Birla Sun Life Mutual Fund has signed an MoU with Bank of India for a strategic alliance to distribute and market Mutual Fund products through branches of Bank of India
Speaking on the occasion, Mr. A Balasubramanian, CEO, Birla Sun Life Mutual Fund said “This alliance has tremendous potential. While Bank of India has an extensive branch network and tremendous reach, Birla Sun Life Mutual Fund has completed 15 years of wealth creation. The fund house offers innovative investment solutions across asset classes which have been well recognized for their performance. I am sure that we can deliver great value to the investors together.”
Mr. M Narendra, Executive Director, Bank of India said that the Bank is committed to become a financial super market providing diverse financial products under one roof to the customers. For Bank of India, it will be one more product to offer to its clients and thus meet customers investment needs in a growing financial market. Birla Sun Life Mutual Fund will be benefitted by Bank branches, which are over 3100, across the country and thus reach across to pockets where they have no representatives. For varied investors need, our branches will be able to provide a bouquet of products, offered by different mutual fund companies, suited to cater different segments of investors’ community.
Birla Sun Life Mutual Fund is the fifth largest fund house in India. It has won various recognitions for its consistent fund performance across asset classes. The fund house has the maximum number of 4 and 5 star rated funds as per Value Research rating for January 2010. The Fund House also leads Crisil rankings for fund performance in the previous quarter.
The Bank of India has been a pioneer in taking technology to rural masses to provide urban amenities for rural poor by way of networked branches, any-time banking, electronic enabled Bio-Metric Smart Card and mobile ATM which provide service at the door step of the rural customer. Sale of Mutual Fund products through Bank’s Branches will be additional avenues to enable rural masses to participate in the buoyant stock market.
About Birla Sun Life Asset Management Company
Established in 1994, Birla Sun Life Asset Management Company (BSLAMC) is a joint venture between Aditya Birla Group, a well known and trusted name globally amongst Indian conglomerates and Sun Life Financial Inc, leading international financial services organization from Canada.
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BSLAMC is the 5th largest asset management company in India with an average asset under management of Rs 62,595 crores as on January 31, 2010. An impressive mix of reach through 106 branches, full range of product offerings across equity, debt, balanced & structured asset classes and strong investment performance has helped the Company garner over 2.3 Million investor scheme accounts. Known for its consistent performance, BSLAMC has received recognition from various institutes of international repute like the CRISIL, Asian investor Magazine, The Asset Magazine ICRA and Lipper. It is the only fund house in India to have won the coveted “Mutual Fund House of the Year” from CNBC TV 18 Crisil twice in a row.
About Aditya Birla Financial Services Group (ABFSG)
Aditya Birla Financial Services Group is a broad based and integrated player in the financial services space with a strong presence across verticals viz., life insurance, asset management, retail broking, distribution and wealth management, NBFC, insurance broking & advisory services and private equity. ABFSG is rapidly growing in line with its vision to be a leader and role model in the Indian financial services sector.
The seven companies representing Aditya Birla Financial Services Group are Birla Sun Life Insurance Company, Birla Sun Life Asset Management Company, Aditya Birla Money (erstwhile Apollo Sindhoori Capital Investments), Birla Sun Life Distribution Company, Aditya Birla Money, Birla Insurance Advisory & Broking Services and Aditya Birla Capital Advisors.
The consolidated revenues from these businesses crossed USD 1 billion mark in 2008-09. Today ABFSG collectively enjoys trust of over 4 million customers, manages assets over USD 16 billion and prides itself for having a talent pool of over 15,000 committed employees. ABFSG has its wings spread across more than 500 cities in India through over 1500 branches and over 2 lacs channel partners.
ABFSG is a part of Aditya Birla Nuvo Limited (ABNL), a USD 3 billion conglomerate having leadership position across its manufacturing as well as services sector businesses. ABNL is a part of the Aditya Birla Group, a USD 29 billion Indian business house operating in 25 countries across the globe.
About Sun Life Financial Inc
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide. As of March 31, 2009, the Sun Life Financial group of companies had total assets under management of $375 billion globally.