Bajaj Finserv to launch MF business by next year

Financial services major, Bajaj Finserv, plans to launch its asset management business by next year, a top company official said.

"We are working on the launch--we hope to launch it somewhere next year. I don't have a date more specific than that," Bajaj Finserv Managing Director Sanjiv Bajaj told PTI today.

The firm will invest Rs 50-75 crore in the AMC business with its joint venture partner Allianz, he said.

"The important thing is to build a strong retail business, that's what we are focused on. We think that's the need and that's also the longer term opportunity," he said, adding that the company had not finalised team for the AMC.

Source: http://articles.economictimes.indiatimes.com/2011-05-17/news/29552058_1_bajaj-finserv-sme-loans-disburse-loans