One of the largest mutual fund firms in the India market is IDFC Mutual Fund, which was established in 2000. The mutual fund firm on Saturday said it is set to rebrand itself as Bandhan Mutual Fund. The new brand name will be effective from March 13 and customers may note that all IDFC Mutual Fund schemes have been rebranded as Bandhan Mutual Fund after the effective date.
“As the underlying investment strategy, processes and team remain the same, investors can continue to benefit from the same high-quality investment approach that the fund house is reputed for,” IDFC Mutual Fund said in an official statement.
AMC CEO Vishal Kapoor said, “Our new name reflects our new sponsorship, and we are now proud to be a part of the Bandhan Group. Backed by the legacy, goodwill and inclusivity that our sponsors represent, we believe That our investors will continue to benefit from the same passion, expertise and focus they have experienced over the years.”
Following the change, customers will be exposed to the new IDFC Mutual Fund name and logo as well as a dedicated website of the fund house, starting Monday. The announced acquisition of IDFC Mutual Fund by a Bandhan-led consortium has received approval from the Securities and Exchange Board of India with effect from December 2022. A group led by Bandhan Financial Holdings GIC and ChrysCapital agreed to handover. 4,500 crore to parent IDFC to acquire IDFC AMC and IDFC AMC Trustee Company, according to a statement by the AMC issued early last year.
“As a result, unitholders of IDFC MF will continue to benefit from the same high quality investment approach and focus that IDFC AMC is distinguished for,” the AMC said in a statement.
With average assets under management of Rs. 121032.15 crore as on March 2022, IDFC AMC is one of the top 10 AMCs in the country.
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