According to a corporate announcement on Saturday, IDFC Mutual Fund will debut as Bandhan Mutual Fund on March 13. The schemes of the fund house will therefore be given new names, with the term “Bandhan” replacing the word “IDFC” in each. The new brand logo, which closely resembles the Bandhan Bank logo but has different colors and styling, will also be revealed. The use of the Bandhan Bank logo for mutual fund activities had drawn the ire of regulators.
Vishal Kapoor, CEO of AMC said, “Our new name reflects our new sponsorship, and we are proud to now be a part of the Bandhan Group. … Our new brand identity is a testament to the universality of our commitment and the strength of our resolve to help every saver become an investor.” IDFC Asset Management Company was acquired by the consortium, which comprises Bandhan Financial Holdings Limited, GIC, and ChrysCapital.
Bandhan holds 60 per cent of the acquired entity, with control of operations, while the other two will hold 20 per cent each in the AMC. BFHL will be the sponsor of the mutual fund. The underlying investment strategy, processes, and team will remain the same, so investors can benefit from the same high-quality investment approach that the fund house is reputed for, the statement said.
The new brand identity is expected to help the company strengthen its market position and boost investor confidence in its offerings. The company will also continue to focus on providing innovative and client-centric solutions to meet the evolving needs of its customers.
Story first published: Sunday, March 12, 2023, 10:26 [IST]
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