Italy's Pioneer to take 51% stake in BoB AMC

Bank of Baroda (BoB) and Italy-based Pioneer Investments, an asset management company (AMC), signed a joint venture agreement today for asset management business. Pioneer will take 51% stake in the existing AMC of BoB. 

Pioneer hopes to leverage the distribution network provided by BoB across 2,700 branches in the country.

Pioneer provides investment solutions including mutual funds and alternative investments.