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Mahindra & Mahindra Finance sets up JV with Manulife

Mahindra & Mahindra Financial Services, through its subsidiary, Mahindra Asset Management Company, has entered into a joint venture with global financial services group Manulife. The 51:49 joint venture aims to expand the depth and breadth of fund offerings and retail fund penetration in India. The joint venture is expected to bring together Mahindra & Mahindra Finance’s domestic market strength and track record of successfully building businesses focused on meeting customer needs, with Manulife’s global wealth and asset management capabilities and richness of experience in servicing the needs of Asian consumers, across developed and developing markets. Manulife is a leading international financial services group primarily operating as Manulife globally and as John Hancock in the United States, providing wealth and asset management and life insurance solutions for individuals, groups and institutions around the world. Mahindra Asset Management Company is one of the fastest growing asset management companies in India, currently offering over 9 different investment schemes. Ramesh Iyer, vice-chairman &MD, Mahindra Finance, said Mahindra and Manulife share a common vision of building a market leading asset management business, servicing the needs of retail investors and becoming one of India’s most admired asset management companies.

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