Birla Sun Life acquires Alliance Capital schemes
25th September, 2005
Birla Sun Life Asset Management Company Limited and Birla Sun Life Trustee Company Private Limited today announced that they have acquired, and will manage, the Indian mutual fund schemes of Alliance Capital Mutual Fund with effect from the close of business hours on 23 September 2005.
BSLAMC and BSL Trustee Company are both joint ventures between the Aditya Birla Group and Sun Life Financial.
This transaction will fortify BSLAMC's prominent position in the Indian mutual fund industry by increasing its assets under management and broadening its investor base. Alliance Capital had assets under management of Rs. 1305 crore as of 23 September 2005, of which equity mutual fund assets represented 46 per cent. As of 31 August 2005, the AUM of BSLAMC was Rs.11,275 crore.
Mr. S. V. Prasad, the CEO of BSLAMC said, "The Alliance Capital Mutual Fund schemes fit well with the existing business of Birla Mutual Fund. BSLAMC is currently planning to promote the acquired schemes with its distributors and investors."
BSLAMC is sending a detailed communication to all existing unit holders of the acquired schemes to inform them of this change. Among other things, the names of all Alliance Capital MF schemes will be renamed as "Birla Sun Life" schemes.
BSLAMC was established in 1994 and has grown significantly over the last 10 years, ranking among the largest fund houses in India. In addition to managing domestic mutual funds, BSLAMC has a portfolio management services division and also manages two successful offshore funds.
"BSLAMC is firmly committed to the Indian mutual fund market and continues to expand upon its commitment to provide the highest level of service to all its customers," Mr. Prasad said.
About Birla Sun Life Asset Management Company Limited
Birla Sun Life Asset Management Company Limited, the investment manager for Birla Mutual Fund, is a joint venture between the Aditya Birla Group and Sun Life Financial of Canada. With total assets under management of over Rs. 11,000 crore (including domestic and offshore assets), BSLAMC has consistently endeavoured to provide investors with superior risk-adjusted returns in a family of funds, which include diversified and focused equity schemes, balanced and monthly income funds, and a wide range of investment schemes designed to cater to every need of the investor.
For more information please contact:
Mr. Ravi Sharma
Vice President - Marketing and Communications
Tel: 5692 8052 (Direct), 5692 8000 (Board)
Fax: 5692 8110 / 5692 8111