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HDFC Mutual Fund has tied up with Syndicate Bank for the distribution of its mutual fund schemes. This is the second mutual fund house tie-up for the bank in the last two weeks.
Last month IDBI Mutual Fund had announced the use of the bank’s network for widening its reach.
Syndicate Bank, with a network of more than 2,700 branches, is known for its good presence in the tier-II and tier-III cities.
M.G. Sanghvi, Chairman and Managing Director, Syndicate Bank, said that the bank has taken some more initiatives like introducing separate vertical for MSMEs, tying up with mutual funds and sale of gold coins etc., for augmenting fee-based income.
Milind Barve, Managing Director, HDFC Asset Management, said: “With this strategic tie-up between HDFC Mutual Fund and Syndicate Bank, it will give us an opportunity to reach out to the customers in tier-II and tier-III cities and offer them a wide range of products to invest as per their financial needs.”
As of June 2012, HDFC Mutual Fund had assets worth Rs 92624 crore, making it the largest fund house in the country in terms of assets under management.
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