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LIC MF ranking to jump a notch after merger with IDBI MF
Mint Mumbai
|July 27, 2023
The integration of the IDBI Mutual Fund schemes with those of LIC MF could push up the ranking of the latter by a notch to 22 after the transfer concludes on 29 July, said a top official of LIC MF. The ranking is by assets under management (AUM).
"We should get around ₹3,700 crore of AUM from IDBI MF, which when added to our AUM of upwards of ₹18,400 crore, gives a combined AUM of around ₹22,200 crore, which is dynamic depending on the market movement," said T. S. Ramakrishnan, MD & CEO of LIC MF AMC.
Anti-monopoly regulator Competition Commission of India (CCI) approved LIC MF’s acquisition of 20 schemes of IDBI MF in March. Ten of the schemes, which are common, will be merged with existing schemes of LIC MF, while the rest will be added taking LIC MF’s total schemes to 38.
This story is from the July 27, 2023 edition of Mint Mumbai.
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