mutual-fund

Prudent Corporate Advisory Services acquires Karvys Mutual Fund business

Prudent Corporate Advisory Services acquires Karvys Mutual Fund business

Prudent Corporate Advisory Services acquired the mutual fund business of Karvy Stock Broking, the company announced on Friday. Prudent said in a statement, The acquisition has been done through a bidding process conducted by a joint committee of stock exchanges comprising National Stock Exchange (NSE), BSE and the Metropolitan Stock Exchange of India (MSEI). “Acquiring Karvys MF folios shows our commitment towards growing our geographic reach by both expanding our distribution network and deepening our existing presence. It reinforces our belief in the retail wealth management sector in India, Sanjay Shah, chairman and managing director of Prudent Corporate Advisory Services, said. Meanwhile, Shirish Patel, CEO, Prudent Corporate Advisory Services, acquisition of Karvys MF folios will help strengthen the companys presence in the retail financial product distribution space. As of July 2021, Karvy Stock Broking Ltd (KSBL) had 11.98 lakh folios having a total AUM (asset under management) of ₹9,261 crore. It has 4.2 lakh live systematic investment plans (SIPs) with an input value of ₹87 crore a month. It had a sub-distribution network of over 5,000 mutual fund distributors. Prudent has been successful in growing the mutual fund distributors network from 8,378 in March 2018 to 17,583 in May 2021 at a compound annual growth rate (CAGR) of 26.35 per cent. As per Crisil, as of March 31, 2021, there were 1,11,000 AMFI Registration Number (ARN) holders registered with AMFI, while the number of ARNs empanelled with Prudent Corporate Advisory Services stood at 17,583, representing 15.84 per cent of the industry. Download.

mutual-fund 2021-10-30 Livemint