Bajaj Finserv gets nod for MF biz, to start wealth mgmt soon

Financial services major, Bajaj Finserv, plans to launch its wealth management subsidiary -- Bajaj Financial Solutions -- in the next 6-8 weeks and has also received regulatory approval to launch mutual funds business, a top company official said.

"We plan to launch our wealth management business in the next 6-8-weeks. We have already gone live with BSE connectivity and will go live with NSE soon," Bajaj Finserv's Managing Director Sanjiv Bajaj told PTI here today.

A team has already been put in place for the business which will be headed by Arpit Aggarwal as CEO, he said.

Bajaj Finserv also plans to launch its infrastructure financing business soon, Bajaj said.

Anand Gore will be the CEO of this business, which will focus on core infrastructure projects such as roads, telecom and power, Bajaj said.

The company has also received approval last week to launch mutual funds business which will be done in partnership with Allianz, Bajaj said.

"We are fine-tuning details regarding this business," he added.

Bajaj Finserv is a leading player in life and general insurance as well as retail finance operating through its subsidiaries -- Bajaj Allianz Life Insurance Company, Bajaj Allianz General Insurance Company and Bajaj Finance, respectively.