LIC Mutual Fund has completed the takeover of IDBI Mutual Fund and merged schemes with effect from July 29. The move is in line with LIC MF’s mission to strengthen and diversify its product offerings, expand its footprint and grow the assets under management to emerge as a leading player.
LIC MF had an AUM of ₹18,400 crore and IDBI MF had ₹3,650 crore as of June 30.
Out of the 20 schemes of IDBI MF, 10 will be merged with similar schemes of LIC MF and the remaining will be held on a standalone basis, which will take its total scheme count to 38.
With this merger, investors invested in IDBI MF schemes will get access to LIC MF’s diversified basket of product offerings covering equity, debt, hybrid, solution oriented themes, ETF and index funds.
Strengthening offerings
TS Ramakrishnan, Managing Director & CEO, LIC Mutual Fund said the merger will strengthen offerings in the mid-cap, small-cap, gold fund, and passive fund segments.
The combined strength will help capture emerging opportunities in the thriving asset management industry and drive value for investors, he said.