Prudent Corporate Advisory acquires MF business of Karvy Stock Broking

Prudent Corporate Advisory Services on Friday announced the acquisition of the mutual fund business of Karvy Stock Broking .  

As of July 2021, Karvy Stock Broking had 1.2 million folios and total asset under management (AUM) of Rs 9,261 crore.

Karvy has 420,000 live systematic investment plans (SIPs) with an input value of Rs 87 crore a month.

Sanjay Shah, chairman & managing director, Prudent Corporate Advisory Services, said, “Acquiring Karvy’s MF folios shows our commitment towards growing our geographic reach by both expanding our distribution network and deepening our existing presence. It reinforces our belief in the retail wealth management sector in India.”

The acquisition has been done through a bidding process conducted by a joint committee of leading stock exchanges.