HDFC Mutual Fund on Thirsday completed acquisition of Zurich fund to become one of the largest players in the country.
The assets management companies HDFC and Zurich had inked an agreement to this effect on March 16, 2003 in London and with this acquisition, HDFC would have over 19 products in its investment portfolio.
"With the completion of the acquisition, all schemes of Zurich India mutual fund have migrated to HDFC mutual fund," HDFC AMC managing director Milind Barve said in a statement.
It said Sanjoy Bhattacharya, the chief investment officer of HDFC mutual fund would continue to be the CIO of the merged entity.
Prashant Jain (CIO of Zurich MF) would head the equities division, Rajiv Shastri would be the chief of fixed income fund and Pankaj Chopra would be the head of client funds, it said.
The new schemes added under HDFC include equity fund, prudence fund, capital builder fund, tax saver, top 200 fund, high interest fund, cash management and sovereign gilt fund, the release said.
HDFC mutual fund is the joint venture with Standard Life Investments Ltd with assets under management of Rs 8,557 crore (Rs 85.57 billion) while assets under management of Zurich India were at Rs 3,312 crore (Rs 33.12 billion) as on May 2003.
HDFC mutual fund was recently awarded the CNBC Moody's investor service award for the best performing fund house for the one-year category.
Zurich also received the best performing fund house award for the three-ear category.
