Birla Sun Life Asset Management Company Ltd (BSLAMC), a part of Aditya Birla Financial Services group, today said it has completed acquisition of all mutual fund schemes and portfolio management accounts of ING Investment Management India.
Birla Sun Life AMC has now taken over the rights to manage the schemes and investor accounts from IIMIPL as investment manager, it said.
Following the acquisition, six equity and six debt schemes acquired from IIMIPL have been merged with existing schemes at BSLAMC as per no-objection received from Sebi. A few schemes, including multi-manager funds, have however been retained in line with BSLAMC's strategy to grow and serve even more investors.
The acquisition has also added three new products to BSLAMC's suite of portfolio management service (PMS) offerings.
The current acquisition is the third by BSLAMC as it has already acquired schemes of Alliance Mutual Fund in 2004 and Apple Mutual Fund in 1999.