New Delhi: Baroda Asset Management and BNP Paribas Asset Management on Friday said they have decided to merge their businesses in a bid to leverage each other's strengths to offer products for retail and institutional investors.
However, this is subject to regulatory and other legal approvals.
Bank of Baroda and BNP Paribas Asset Management Asia have entered into binding agreements, the two entities said in a joint statement. The strategic alliance would allow both companies to leverage each other's strengths to offer products specially designed for retail and institutional clients in India, it said. Baroda Asset Management is a wholly-owned subsidiary of Bank of Baroda, while BNP Paribas Asset Management India is an entity of BNP Paribas Asset Management Asia
In recent months, the 44-player mutual fund industry, which together manages assets worth over Rs 25 lakh crore, has been grappling with redemption pressures in the wake of debt crises at various groups.