SBI Mutual Fund

SBI Mutual Fund
Private company
Industry Mutual Fund
Founded 1987
Headquarters Mumbai, India
Area served
India
Key people
Mrs. Arundhati Bhattacharya (Chairman), anuradha rao (CEO & MD), Mr. Navneet Munot (Executive Director & Chief Investment Officer)
Products Mutual Fund
AUM Rs. 98,000 crore ($15,042 million) (Oct 2015)[1]
Number of employees
500-1000
Website www.sbimf.com

SBI Mutual Fund is a bank sponsored fund house with its corporate headquarters in Mumbai, India. It is a joint venture between the State Bank of India, an Indian multinational, Public Sector banking and financial services company and Amundi, a European asset management company.

History

The mutual fund industry in India originally began in 1963 with the Unit Trust of India (UTI) as a Government of India and the Reserve Bank of India initiative. Launched in 1987, SBI Mutual Fund became the first non-UTI mutual fund in India. [2] In July 2004, State Bank of India decided to divest 37 per cent of its holding in its mutual fund arm, SBI Funds Management Pvt Ltd, to Societe Generale Asset Management, for an amount in excess of $35 million. Post-divestment, State Bank of India's stake in the mutual fund arm came down to 67%. [3] In May 2011, Amundi picked up 37% stake in SBI Funds Management, that was held by Societe Generale Asset Management, as part of a global move to merge its asset management business with Crédit Agricole. [4]

As of Sept 2015, the fund house claims to serve around 5.8 million investors through 130 points of acceptance, 29 investor service centers, 59 investor service desks and 6 Investor Service Points.[5] In October 2015, assets under management of SBI Mutual Fund are reported to have crossed Rs. 98,000 crore ($15,042 million).[6]

Key Milestones

Products & Services

SBI Mutual Fund offers mutual fund schemes such as Debt Schemes, Equity Schemes, Hybrid Schemes, Exchange-traded fund, Liquid Schemes and Fixed Maturity Plans. It also offers Portfolio Management and Advisory Services to financial institutions and asset management companies.

Board of Directors[16]

Major competitors

Some of the major competitors for SBI Mutual Fund in the mutual fund sector are Birla Sun Life Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Reliance Mutual Fund & UTI Mutual Fund. [17]

See also

References

This article is issued from Wikipedia - version of the 12/4/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.