MahindraFinancial Services, through its subsidiary Mahindra Asset Management, has formed a joint venture with global financialservices group Manulife.
The 51:49 joint venture aims to expand fund offering and retail fund penetration.
"We welcome Manulife as a strategic partner, to further drive our efforts at increasing mutual fund penetration," Mahindra Finance vice chairman and managing director Ramesh Iyer said.
Mahindra Asset Management has an annualised average asset under managementofRs 5,019 crore and over 1.6 lakh customers.
It currently offers nine different investment schemes.
The Toronto-based Manulife provides financial advice, insurance we well as wealth and asset management solutions for individuals, groups and institutions.
As of March 2019, it had over USD 849 billion in asset under management.
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