Mutual fund news: LIC Mutual Fund (LIC MF) has completed the takeover of schemes of IDBI Mutual Fund. With the completion of the merger, out of twenty schemes of IDBI MF, ten will be merged with similar schemes of LIC MF and the remaining will be taken over by LIC MF on a standalone basis.
These schemes will be taken over by LIC Mutual Fund
| IDBI MF Scheme name | Proposed new name for LIC MF scheme | Fund Manager |
|---|---|---|
| IDBI Gold Exchange Traded Fund | LIC MF Gold Exchange Traded Fund | Mr. Yash Dhoot |
| IDBI Gold Fund | LIC MF Gold ETF Fund of Fund | Mr. Yash Dhoot |
| IDBI Small Cap Fund | LIC MF Small Cap Fund | Mr. Yogesh Patil – Fund Manager Mr. Dikshit Mittal – Co Fund Manager |
| IDBI Midcap Fund | LIC MF Mid cap Fund | Mr. Karan Doshi – Fund Manager Mr. Dikshit Mittal – Co Fund Manager |
| IDBI Long Term Value Fund | LIC MF Long Term Value Fund |
Mr. Karan Doshi – Fund Manager Mr. Jaiprakash Toshniwal – Co Fund Manager |
| IDBI Equity Savings Fund | LIC MF Equity Savings Fund | Mr. Jaiprakash Toshniwal (Equity & Arbitrage) Mr. Marzban Irani (Debt) |
| IDBI Healthcare Fund | LIC MF Healthcare Fund | Mr. Karan Doshi |
| IDBI Focused 30 Equity Fund | LIC MF Focused 30 Equity Fund | Mr. Jaiprakash Toshniwal |
| IDBI Nifty Junior Index Fund | LIC MF Nifty Next 50 Index Fund | Mr. Jaiprakash Toshniwal |
| IDBI Dividend Yield Fund | LIC MF Dividend Yield Fund | Mr. Dikshit Mittal |
With this merger, investors who have invested in IDBI MF schemes, will get access to LIC MF’s diversified basket of product offerings. The merger is effective from July 29.
As of June 2023, LIC MF had an AUM of ₹18,400 crore, while IDBI MF had ₹3,650 crore.
Earlier in March 2023, the Competition Commission of India (CCI) approved the proposal of LIC Mutual Fund Asset Management to acquire management rights over the schemes of IDBI MF from IDBI Asset Management.
In 2019, LIC completed the takeover of IDBI Bank, the sponsor of IDBI Mutual Fund. However, LIC has its own asset management company, LIC Mutual Fund, under the Securities and Exchange Board of India (Sebi) rules.
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Updated: 01 Aug 2023, 01:32 PM IST