On September 19, 2014, vccircle.com reported that Kotak Mahindra Asset Management Company Ltd, a wholly owned subsidiary of Kotak Mahindra Bank, had entered into a definitive agreement to purchase the domestic schemes of PineBridge Mutual Fund, a fund managed by PineBridge Investments Asset Management Company (India) Pvt Ltd, for an undisclosed amount.
PineBridge Mutual Fund has approximately Rs 660 crore in assets under management. PineBridge Investments Asset Management Company India, formerly AIG Global Asset Management Company India Pvt Ltd, provides advisory and administrative asset management services and is an investment manager to the mutual fund. The assets Kotak will acquire under the deal are equity oriented. Kotak is an Indian-based private financial services firm with approximately Rs 37,000 crore in assets under management. The deal is subject to regulatory approvals.
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