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BBNP Mutual Fund launched with merger of Baroda, BNP Paribas AMCs

March 18, 2022 04:05 PM

BBNP Mutual Fund launched with merger of Baroda, BNP Paribas AMCs
Two years after rolling out their plans, Baroda MF and BNP Paribas Mutual Fund formally announced their merger.

Suresh Soni is not stranger to the Indian mutual funds industry. As the chief of the now-merged BBNP Mutual Fund (formed after the merger of Baroda Mutual Fund and BNP Paribas Mutual Fund)

Two years after rolling out their plans, Baroda MF and BNP Paribas Mutual Fund formally announced their merger.

Baroda BNP Paribas Mutual Fund (BBNP) started operations on March 14 as Baroda Asset Management Company and BNP Paribas Asset Management Company’s merger finally came through after more than two years.

BBNP will offer 28 schemes across equity, hybrid, debt and overseas fund-of-fund categories. The joint venture will also provide offshore advisory services with assets worth Rs 22,522 crore.

Suresh Soni, who was heading the Baroda AMC, has been appointed the chief executive officer of Baroda BNP Paribas Mutual Fund (BBNP).

“This joint venture combines the complementary strengths of two partners—massive local reach and in-depth knowledge of the Indian market of Bank of Baroda with the global expertise of BNP Paribas Asset Management. It gives us an opportunity to serve investors and partners in not just ‘India’, but ‘Bharat’ too,” Soni said.

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The aim of the new mutual fund house was to deliver strong performance, offer diverse and innovative investment solutions, combined with impeccable service to help fulfil investors’ financial goals, he added.

The merger BBNP Mutual Fund was announced in October 2019 but it got delayed due to multiple regulatory nods.

As per the amalgamation plan, Baroda AMC, the Bank of Baroda’s asset management arm, will hold 50.1 percent stake in BBNP Mutual Fund and the remaining will be held by BNP Paribas AMC, a wholly owned-unit of BNP Paribas AMC Asia.

According to ACE MF data, as on February 28, Baroda AMC was ranked 24th with assets worth Rs 11,917 crore. BNP Paribas AMC was two rungs lower with Rs 8,449 crore.

The Indian mutual fund industry was managing Rs 37.56 trillion across 44 mutual fund houses as on February 28, 2022, monthly data released by Association of Mutual Fund in India said.

Also Read : Mutual funds in demat form or Statement: Which one should you hold?

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