Principal Mutual Fund India

Last updated

Principal Mutual Fund India
Company typePrivate
IndustryMutual Fund, Financial Services
Founded2000
Headquarters
India
Key people
Lalit Vij (MD)
Total assets ₹7,090 crore (US$890 million) [1]
Parent Principal Financial Group
Website www.principalindia.com

Principal Mutual Fund is a daughter venture of Principal Financial Group, a global financial company, based out in United States. [2] [3] [4] [5] [6] []. [7] [8] [9] [10]

Contents

History

On 25 November 1994, it constituted trust in accordance with the Indian Trusts Act, 1992. Industrial Development Bank of India (IDBI) initially set up the fund by the execution of a deed under which IDBI was the only Sponsor, Settlor, and Principal Trustee, with an initial amount of Rs. 1 lakh and an additional amount of Rs. 24.99 crore was settled as the trust corpus. [11] [12]

Principal Financial Services Inc., USA, along with IDBI, became the deemed sponsor by acquiring a 50% stake in IDBI-Principal Asset Management Company Limited On 21 March 2000. Principal Financial Services Inc. USA acquired a 100% stake in IDBI-PRINCIPAL Trustee Company On 23 June 2003. [4]

On 5 May 2004 – Vijaya Bank and Punjab National Bank became equal shareholders of the Trustee Company. [13] Subsequently, Vijaya Bank and Punjab National Bank held 5%, 30% respectively of the paid-up equity capital of the Trustee Company. [14] [15] [16]

Punjab National Bank offloaded its entire stake in Principal PNB Asset Management Company Pvt Ltd and Principal Trustee Company Pvt Ltd in favor of Principal Group. [17] [18] Principal Financial Group reported the completion of the buyback of all shares of PNB that gave Principal complete ownership of Principal PNB Asset Management Company Private Limited. [19] [20] [21] In 2022 Sundaram Mutual fund company has acquired the Principle mutual fund AMC.

Assets

It has Rs. 7090 crore in assets under its management. [1] [22] [23]

See also

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References

  1. 1 2 "Principal Mutual Fund". Groww. Retrieved 26 December 2019.
  2. ↑ "Principal Financial Group on the Forbes Best Employers for New Grads List". Forbes .
  3. ↑ "More than just a plain vanilla SIP".
  4. 1 2 "Principal Mutual Fund appoints Ravi Gopalakrishnan as equity head". The Economic Times. 26 July 2019. Retrieved 15 June 2022.
  5. ↑ "Principal MF appoints Bekxy Kuriakose as Fixed Income Head". Moneycontrol. Retrieved 26 December 2019.
  6. ↑ "Principal Financial acquires PNB stake in AMC". The Hindu. 29 August 2018. ISSN   0971-751X . Retrieved 26 December 2019.
  7. ↑ "Principal completes acquisition of Principal Pnb AMC".
  8. ↑ Kant, Chandan Kishore (2 January 2018). "Principal Financial Group buys Punjab National Bank out of MF". Business Standard India. Retrieved 26 December 2019.
  9. ↑ "PNB sells MF stake to JV partner Principal Financial Group". @businessline. Retrieved 26 December 2019.
  10. ↑ "Principal Financial Group completes acquisition of Principal Pnb Asset Management Company – Times of India". The Times of India. Retrieved 26 December 2019.
  11. ↑ "Principal Mutual Fund Launches Super SIP".
  12. ↑ "Principal Mutual Fund announces renaming of dividend Option". Moneycontrol. Retrieved 26 December 2019.
  13. ↑ PTI (27 June 2014). "Principal Financial buys Vijaya Bank's stake in MF joint venture". livemint.com. Retrieved 26 December 2019.
  14. ↑ "Principal completes acquisition of Principal Pnb AMC". The Economic Times. 22 October 2018. Retrieved 26 December 2019.
  15. ↑ "Top stocks in focus on 03 January 2018". The Economic Times. 3 January 2018. Retrieved 26 December 2019.
  16. ↑ "PNB may sell entire stake in housing finance arm; deal by September-end". The Indian Express. 26 June 2018. Retrieved 26 December 2019.
  17. ↑ "PNB offloads entire stake in Principal AMC & Principal Trustee Company".
  18. ↑ "Statement of Additional Purpose" (PDF).
  19. ↑ "Slow Down in Mutual Funds".
  20. ↑ "Mutual Funds Scheme Information Document".
  21. ↑ "Principal Mutual Fund launches small cap fund; offer to close May 6". Moneycontrol. Retrieved 26 December 2019.
  22. ↑ "Principal Mutual Fund: SIP, MF, Schemes, Login & Statement". www.etmoney.com. Retrieved 26 December 2019.
  23. ↑ "Principal Mutual Fund | Asset Management Company in India". www.principalindia.com. Retrieved 26 December 2019.
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