Mahindra & Mahindra Financial Services has completed the proceedings for divestment of 49% stake in its wholly-owned subsidiary, Mahindra Asset Management Company, to Manulife, a leading global financial services group. Manulife has invested US$ 35 million (Rs265 crore) in the 51:49 joint venture, which aims to expand its fund offerings, drive fund penetration, and achieve long term wealth creation in India. Manulife is a leading international financial services group, providing wealth and asset management and life insurance solutions for individuals, groups and institutions around the world, with assets under management and administration of over US$ 915 billion as of 31 December 2019. Ramesh Iyer, vice-chairman & MD, Mahindra Finance, said the 2 entities share a common vision of building a market leading asset management business in India. The partnership, he hoped, will help accelerate the efforts towards increasing mutual fund penetration, through innovative products and solutions and best in class service standards.
