Financial Daily from THE HINDU group of publications
Friday, Dec 20, 2002
Financial Daily from THE HINDU group of publications Friday, Dec 20, 2002 |
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Markets
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Mutual Funds Bank of India in pact with DSP Merrill to distribute products Our Bureau
MUMBAI, Dec. 19 BANK of India has announced a tie-up with DSP Merrill Lynch Mutual Fund, for the distribution of its mutual schemes. "We will start the mutual funds distribution initiative initially in western India, through our branches in about 20 cities," said Mr K.V. Krishnamurthy, Chairman and Managing Director, Bank of India, said at a press conference here today. Eight mutual fund schemes (four in debt and four in equity) would be distributed starting December 23, through Bank of India, said Mr Hemendra Kothari, Chairman, DSP Merrill Lynch Investment Managers Ltd, who was also present at the occasion. DSP Merrill Lynch Mutual Fund is for the first time tying up with a nationalised bank for distribution of its schemes. They have several tie-ups already in place with both foreign and private banks, which include Citibank, Standard Chartered, ICICI Bank and HDFC Bank amongst others. Bank of India is in the process of training close to 250 of its employees for the new distribution service. About 20 employees have already been certified by the Association of Mutual Funds in India. The bank's mutual fund initiative was shut down, close to a year ago. "We closed it down in an attempt to concentrate on our core business, banking," said the Chairman. "For non-life insurance business, we are close to finalising a tie-up with Royal Sundaram," said Mr Krishnamurthy. For life insurance, the bank already has a tie-up with ICICI Prudential Life Insurance.
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