Led by Ganesh Mohan, the mutual fund business will inspire a new approach to investing and sustainable and long-term wealth creation, the company said. Bajaj Finserv Company provides financial solutions including savings, financing, protection and wealth creation to more than 100 million customers. Bajaj Finserv Limited is an unregistered core investment company (CIC) among the 2016 core investment companies under the Reserve Bank directive.
Bajaj Finserv has a 52.49 per cent stake in Bajaj Finance Limited, a listed non-bank with the strategy and structure of a bank. It holds 74 per cent stake each in Bajaj Allianz General Insurance Company Limited and Bajaj Allianz Life Insurance Company Limited.
Through its mutual fund business, Bajaj Finserv now provides customers with services such as asset acquisition, lifestyle enhancement through financing, asset protection through insurance, family protection through life and health insurance, healthcare needs, savings, investment and retirement products. Bajaj Finserv Mutual Fund Retail will offer service to individual clients as well as institutional clients. Following the fresh move, shares of Bajaj Finserv opened at Rs 1,375, up around 2.30 per cent compared to the previous closing price of Rs 1,344, but closed at Rs 1,342 today, a loss of 0-14 per cent.
Meanwhile, the number of New Fund Offers (NFO) has increased to 228 in 2022 from 140 in the previous year. Fixed maturity plans have received special attention amid the Reserve Bank of India’s rate hike.