BNP Paribas and public sector lender Bank of Baroda have entered a strategic partnership with the establishment of an asset management joint venture in India.
BNP Paribas Asset Management and Bank of Baroda will jointly form an asset management company, according to a statement, with Baroda Asset Management chief executive Suresh Soni named as CEO of the merged entity.
‘Baroda BNP Paribas Mutual Fund’ will offer 28 schemes across equity, hybrid, debt and overseas fund of fund and the joint venture will also provide offshore advisory services.
«The Indian mutual fund industry is witnessing strong growth. There is a wave of both experienced and new investors across economic strata who want to participate in the India growth story,» Soni said. «[The joint venture] gives us an opportunity to serve investors and partners in not just ‘India’, but ‘Bharat’ too.»
