Reliance MF enters distribution tie-up with IOB

Reliance Mutual Fund, a part of Reliance Capital, on Thursday said it had entered into a distribution tie-up with Indian Overseas Bank (IOB). IOB will sell Reliance MF products through its 2,689 branches. “This agreement would help us expand our customer base, especially in Tier-II and III cities, leveraging on the wide network of the bank,” Reliance Capital Asset Management chief executive Sundeep Sikka said, adding this tie-up would help the company reach around 24 million customers of IOB. IOB chairman and managing director M Narendra said, “This would enable the bank to operate as a financial supermarket and help in strengthening the relationship of the existing and potential customer base, providing an opportunity to cross-sell”. Reliance MF manages around Rs 1,40,000 crore across MFs, government, government-sponsored public funds, managed accounts and hedge funds.