Peerless forays into MF using Smart Money brand

Peerless General Finance and Investment has forayed into mutual fund distribution business, under Peerless Smart Money.

The company aims to bring credit cards under the gamut of Peerless Smart Money soon, according to Jayanta Roy, director (corporate planning and strategy).

The evolving consumer preference prompted the company to bring financial products like life and general insurances, and mutual fund under Peerless Smart Money, and the company would soon incorporate credit cards under the division, he said at the launch of MF distribution business in Kolkata on Monday. Peerless will also launch its own insurance and mutual funds in the coming months.

 

The company has identified and empanelled three asset management companies--Tata, Sundaram and ICICI.

In the eastern region, ICICI Prudential MF has been selected as the preferred partner for the distribution of mutual fund.

"This venture is consistent with the company's plans to emerge as the country's premier financial company for retail distribution of various financial products under one umbrella. Our business model is build around the premise of making our guides equipped with financial products, which are in demand in the present market and which will ensure customer satisfaction," said S. K. Roy, managing director of Peerless General Finance & Investment Company.

According to B Lahiri, director (operations) of the company, there is enormous scope of the business of mutual fund distribution, which manages Rs 6 lakh crore of funds at moment.