Toronto-based asset manager Manulife has picked up 49% stake in Mahindra Asset Management Company. Post this deal, Mahindra AMC will hold 51% stake in the joint venture. Manulife will make an investment of US $34.9 million in Mahindra AMC.
Manulife operates as Manulife globally and as John Hancock in the United States, providing wealth and asset management and life insurance solutions for individuals, groups and institutions around the world, with assets under management and administration of over US$ 849 billion (Rs 58.98 lakh crore) as of March 31, 2019.
The Anand Mahindra promoted Mahindra AMC entered the industry in 2016 and currently manages AUM of Rs 4,748 crore across nine schemes.
Several foreign players like Nippon Life, Prudential, Schroders, Sun Life, Amundi have entered the Indian asset management industry through joint ventures in the past.
