Kotak Mahindra MF distribution tie-up with BOB
Kotak Mahindra Asset Management Company, one of India’s leading mutual fund houses, entered into a distribution tie-up with Bank of Baroda. Under the agreement, Bank of Baroda will offer the entire bouquet of Kotak Mutual Fund products from the bank’s branches. The distribution agreement was signed in the presence of Mr. M D Mallya, Chairman & Managing Director and Mr. R K Bakshi, Executive Director by Mr. V. H. Thatte, General Manager (SME Banking & WM) from Bank of Baroda and Mr. Sandesh Kirkire from Kotak Mahindra Asset Management Co. Ltd.
On the occasion, Sandesh Kirkire, Chief Executive Officer, Kotak Mahindra Asset Management Company said, “The banking channel is one of the best platforms to reach out to retail investors. Offering advice on mutual fund investments is an extension of the value added services that are offered by banks. As experts in the field of wealth creation in India, our tie up with Bank of Baroda will reinforce our commitment to expand retail participation. This will give us better reach in terms of sales and presence and help us in making deeper inroads into our focus markets. With this tie-up, customers will gain easy access to the various schemes of Kotak Mahindra AMC at the branches where they do their banking transactions. This tie-up would help both partners in leveraging synergies and creating value for customers.”
Mr. R K Bakshi, Executive Director, Bank of Baroda said “Over the years, Bank of Baroda has seized new business opportunities, which are drivers of future growth to enhance shareholder value. The Bank has emerged as a financial supermarket providing plethora of financial products to different customer segments under one roof. This tie up is yet another customer-centric initiative. In its drive towards providing greater customer convenience, the Bank will continue to enlarge its basket of products – both its own as also third party, leveraging its large branches network.”
Mr. Thatte, General Manager mentioned that this strategic marketing tie-up will go a long way in the interest of both the institutions. While the Bank’s large presence through its branch network will immensely be advantageous to the company, the Bank will also be benefited by way of revenue generated on sale of their mutual fund products. Kotak Mahindra Asset Management Co Ltd currently manages assets in excess of Rs.30000 crores contributed by over 10.69 lakh investors (as on May 31, 2009).
