Rahul Bajaj-owned Bajaj Finserv has today signed a shareholders' agreement with Munich-based Allianz Global Investors to foray into a jointly managed asset management company in India. Allianz Global Investors would hold a 51 per cent stake in the joint venture, with the rest 49 per cent being held by Bajaj Finserv.
Bajaj has ties with Allianz since eight years in life and general insurance businesses. The asset management JV would mark the entry of the 36th player in the mutual fund space. The total average assets under management of the mutual fund industry stood at Rs 4,93,285 crore at the end of March 31,2009 according to Association of Mutual Funds in India.
The Bajaj Finserv stock was up 8% at Rs 215 in afternoon deals on the Bombay Stock Exchange.
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