Bank of Baroda is buying out the 51% stake its joint venture partner UniCredit holds in Baroda Pioneer Asset Management Company and Baroda Pioneer Trustee Company. The bank said in a notification to the stock exchanges that it has executed a share purchase agreement with UniCredit in this regard. The bank will now become the sole shareholder of the AMC and the Trustee company and the sole sponsor of the Baroda Pioneer Mutual Fund. The joint venture was formed in 2008 and it operates out of 40 locations in India and managed quarterly average assets of about Rs11,023 crore for the month ending August 2017. The move comes on the back of the acquisition of Pioneer Investments (subsidiary of UniCredit) by Amundi earlier this year, which already has a presence in Indian AMC.
