Sundaram MF Merger with Principal - 2nd January 2022

The asset management sector has been experiencing a string of acquisitions, with a massive number of foreign Asset Management Companies (AMCs) being sold out. In the latest significant move, Sundaram Mutual Fund (MF) acquired Principal Mutual Fund.

This merger took place on 31st December 2021. Also, the AMC has also received regulatory approval from the Securities and Exchange Board of India (SEBI) to acquire the asset management business.

Post this; some specific Principal MF schemes were merged with conforming schemes of Sundaram MF schemes and vice versa. About Sundaram Asset Management Company The Sundaram Asset Management Company, through the subsidiaries and directly, regulates assets across Portfolio management services, Mutual Funds, alternate investment funds, as well as advisory mandates and global fund. Sundaram Finance (SFL) is the flagship organisation of the T.S Santhanam arm of the TV Group.

Also, SFL is one of the largest Non-Banking Financial Companies (NBFC) in India. Its major concentration is on the financing of cars and commercial vehicles. SFL has invested in a variety of units to offer a myriad of financial services, such as mutual funds through Sundaram AMC, insurance through Royal Sundaram, and housing finance through Sundaram Home Finance. Reportedly, SFL had a fall in the combined net profit to Rs. 259.04 crores on a 0.5% decrease in the total Income to Rs. 1,298.99 crores in the second quarter of FY22 in comparison to the second quarter of FY21.

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