Consequently, Pioneer Investments has acquired a 51 per cent shareholding in BoB Asset Management Company, a press release issued here today stated.
Pioneer Investments, through this joint venture with Bank of Baroda will commence its asset management operations and mutual fund business in the country soon.
The new venture will be named as Baroda Pioneer AMC in which Pioneer Investments will hold a 51 per cent stake with management control and BoB the remaining 49 per cent, the release said.
Henceforth, BoB MF will be known as Baroda Pioneer Mutual Fund, the release said.
"The JV will enable us to offer a wider bouquet of financial services to the existing as well as new customers of BoB," BoB's Chairman and Managing Director, M D Mallya, said.
The Board of Directors of the AMC will be reconstituted with nominees from the two partners as well as with prominent persons as independent directors.
The Chief Executive Officer of this newly-formed JV will be Rajan Krishnan.
Pioneer Investments has total assets under management of Euro 209.68-billion as at end May with operations in over 25 countries.
The company employs over 2,300 staff worldwide.
