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Mahindra looking for foreign partner to grow mutual fund business

Mahindra MF, which began operations in July 2016, is currently a bit-player and placed 31 among 42 fund houses, with assets under management of about Rs 40 bn

Ashutosh Bishnoi
Ashutosh Bishnoi, Managing Director and Chief Executive Officer of Mahindra Mutual Fund. File photo

Mahindra Mutual Fund has begun scouting for a foreign partner to ramp up operations and improve fund management capabilities, said people in the know.  Mahindra MF, which began operations in July 2016, is currently a bit-player and placed 31 among 42 fund houses, with assets under management of about Rs 40 billion.  It has three equity schemes with assets of Rs 10.5 billion and aims to make inroads in regions where Mahindra Finance and its subsidiaries are active in.  “They have begun scouting for a foreign partner,” said a person familiar ...