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<keyword id="696744" type="General" weightage="20" keywordseo="hdfc-asset-management-company" source="Orion">HDFC Asset Management Company</keyword> (AMC) on Monday reported a 52% jump in profit after tax (PAT) at ₹477.5 crore for three months ended June 2023. In comparison, the asset management firm posted a PAT of ₹314.2 crore in the year-ago period, <keyword id="45123" type="General" weightage="20" keywordseo="hdfc" source="Orion">HDFC</keyword> AMC said in a regulatory filing. Revenue from operations rose 10% to ₹574.5 crore in the quarter under review, from ₹521.6 crore in the April-June quarter of the preceding fiscal. With a market share of 11.3 %, HDFC AMC's average assets under management (AAUM) grew to ₹ 4.86 lakh crore in the first quarter ended June 30, 2023 from ₹ 4.15 lakh crore in the year-ago period. The company serves a mutual fund customer base of 71 lakh individuals, with a total of 122 lakh live accounts. Shares of HDFC AMC settled marginally lower at ₹ 2,498.15 apiece on the BSE.

HDFC AMC Q1 profit after tax jumps 52% to ₹477 cr

New Delhi, Jan 21 () HDFC Asset Management Company on Tuesday reported a 45 per cent jump in profit after tax (PAT) at Rs 352.5 crore for the three months ended December 31, 2019.
 In comparison, the company, had a posted a PAT of Rs 243.3 crore in the year-ago period, HDFC AMC said in a regulatory filing to the stock exchanges.
 The company's total income rose 11 per cent to Rs 592 crore in the October-December quarter of the current fiscal from Rs 532.7 crore in the same period last financial year.
 The total asset managed by the fund house increased by 14 per cent to Rs 3,82,500 crore at the end of December, 2019 from Rs 3,35,000 crore in the end of December, 2018.
 The average assets under management of actively managed equity funds stood at Rs 1.66 lakh crore as on December 2019 with a market share of 15.8 per cent. This excluded arbitrage and index funds.
 HDFC AMC is investment manager to HDFC Mutual Fund, which has a diversified asset class mix across equity and fixed income. SP SHW
SHW

HDFC AMC Q3 PAT climbs 45% to Rs 352-cr

New Delhi, Jan 22 () Shares of HDFC Asset Management Company on Wednesday rose over 2 per cent after the company posted 45 per cent jump in profit after tax for the December quarter.
The stock gained 2.59 per cent to trade at Rs 3,261.30 on the BSE.
On the NSE, the scrip traded higher by similar margins at Rs 3,262.
HDFC Asset Management Company on Tuesday reported a 45 per cent jump in profit after tax (PAT) to Rs 352.5 crore for the three months ended December 31, 2019.
In comparison, the company, had a posted a PAT of Rs 243.3 crore in the year-ago period, HDFC AMC said in a regulatory filing.
The company's total income rose 11 per cent to Rs 592 crore in the October-December quarter of the current fiscal from Rs 532.7 crore in the same period last financial year. RUJ
BAL

HDFC AMC shares rise over 2 pc on strong Q3 results

New Delhi, Apr 21 () HDFC Asset Managment Company, HDFC Trustee Company and seven individuals have settled with Sebi a case of certain alleged regulatory non-compliances with respect to investments in Essel Group companies. The seven entities, including CEO of HDFC AMC CEO Milind Barve, have settled the case by paying over Rs 4.2 crore towards settlement charges. Other individuals are Compliance Officer Yezdi Khariwala, Chief Investment Officer and Executive Director Prashant Jain, Senior Fund Manager Anil Bamboli, and Senior Fund Manager and Head Credit Shobhit Mehrotra, as per the settlement order dated April 16. HDFC AMC had, on behalf of the mutual fund, invested in debt instruments of Essel Group of companies through various mutual fund schemes. It was alleged that the mutual fund had allegedly defaulted in complying with market regulations, adhering to the requisite standards and thus allegedly failed to exercise proper due diligence and therefore show cause notices were served to them in May 2019. While proposing a settlement, the entities said there are no subsisting complaints by the unit holders with regard to this matter in respect of the various mutual fund schemes of HDFC AMC. They also submitted that HDFC AMC has already compensated the unit holders of the affected mutual fund schemes for Rs 4.46 crore. "It was further proposed that, the settlement amount of Rs 4,20,46,420... would be paid out of the funds of HDFC AMC and that the liability would not be passed on to the unit holders," Sebi said in the order. The entities proposed to pay a little over Rs 4.2 crore to settle the matter. The regulator's high-powered advisory committee recommended the case for settlement. The settlement amount was remitted on March 21, 2020, the order said. SRS RVK

HDFC AMC reaches settlement with Sebi in Essel Group matter

New Delhi, Apr 27 () Shares of asset management companies (AMCs) and other financial sector related firms zoomed as much as 13 per cent on Monday after the Reserve Bank of India announced a Rs 50,000 crore special liquidity facility for mutual funds. RBI's announcement follows Franklin Templeton Mutual Fund's move to close six debt schemes amid liquidity crunch. Nippon Life India Asset Management jumped 12.78 per cent and HDFC Asset Management Company gained 7.95 per cent on the BSE. Other financial stocks also witnessed demand, with ICICI Prudential Life Insurance Company rising 11 per cent, Manappuram Finance 9.99 per cent, Aditya Birla Capital 7.75 per cent, Mahindra &amp; Mahindra Financial Services 6.47 per cent, HDFC Life Insurance Company 6.64 per cent. The BSE Finance index was trading 2.89 per cent higher during morning trade. Kotak Mahindra Bank gained 6.78 per cent, Axis Bank rose by 6 per cent, ICICI Bank 3.64 per cent, HDFC Bank 2.12 per cent and State Bank of India 2.11 per cent. The BSE Bank index was trading with 2.92 per cent gain. In a statement, the central bank said heightened volatility in capital markets in reaction to COVID-19 has imposed liquidity strains on mutual funds (MFs), which have intensified in the wake of redemption pressures related to closure of some debt MFs and potential contagious effects therefrom. The stress is, however, confined to the high-risk debt MF segment at this stage and the larger industry remains liquid, it said. "With a view to easing liquidity pressures on MFs, it has been decided to open a special liquidity facility for mutual funds of Rs 50,000 crore," it said. Meanwhile, domestic stock exchanges were trading on a positive note with benchmark indices Sensex trading with 691.95 points up at 32,019.17. SUM DRRDRR

AMCs, financial stocks jump up to 13 pc after RBI move

In the race to acquire the fund management business of <a href="http://www.businessinsider.in/searchresult.cms?query=Goldman+Sachs+Group+">Goldman Sachs Group</a> Inc in India, <a href="http://www.businessinsider.in/searchresult.cms?query=Reliance+Mutual+Fund+">Reliance Mutual Fund</a> and <keyword id="45123" type="CITY" weightage="100" keywordseo="HDFC">HDFC</keyword> Mutual Fund are trying hard. 
 
According to a person familiar with the development, both the suitors are in the final round of negotiations and hope to clinch the deal. “However, it depends on who is more aggressive," said one of them. The deal is likely to be announced shortly,” he said. 
 
The Goldman’s MF business has assets of about Rs 7,132 crore. 
 
Let’s take a look at the profile of both the suitors! 
 <keyword id="106417" type="ORGANIZATION" weightage="100" keywordseo="Reliance-Mutual-Fund">Reliance Mutual Fund</keyword>, which had assets under management of Rs 1.53 lakh crore on September 30, is likely to bid aggressively as it looks to bridge the gap with number two <a href="http://www.businessinsider.in/searchresult.cms?query=ICICI+Mutual+Fund+">ICICI Mutual Fund</a> that manages about Rs 1.65 lakh crore. 
 
On the other hand, HDFC Mutual Fund is looking at consolidating its number one position with assets of Rs 1.71 lakh crore. 
 
"The deal is expected to be valued at about 3-4% of AUM (<a href="http://www.businessinsider.in/searchresult.cms?query=ICICI+Mutual+Fund+">assets under management</a>). With an AUM of Rs 7,132 crore, the transaction value should be around Rs 250 crore," said another person who is aware about the development. 
 
Besides adding Rs 7,132 crore of AUM, a deal would also help the acquirer gain a foothold in the <a href="http://www.businessinsider.in/searchresult.cms?query=exchange-traded+fund+%28ETF%29+business+">exchange-traded fund (ETF) business</a> that is growing in popularity with local investors, mirroring global trends. 
 
ETFs have been witnessing sustained growth in markets such as the US in the past decade. 
 But for India, the ETF market is relatively new. <keyword id="6361649" type="CITY" weightage="100" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> Mutual Fund, which has 13 schemes, is primarily focused on the ETF segment. It has seven equity-oriented ETFs, one liquid ETF, one gold ETF, one international ETF, two equity schemes and an open-ended debt scheme. About 95% of its assets are in ETFs. 
 
Goldman Sachs Mutual Fund was awarded a central government mandate last year to sell the Central Public Sector Enterprise ETF. The government sold a part of its stake in state-run companies through an ETF for the first time, raising Rs 4,000 crore by disposing of shares in 10 state-controlled companies. 
 
Goldman Sachs entered the Indian mutual fund industry in 2011 by acquiring Benchmark Mutual Fund for Rs 120 crore. 
 "The (likely) exit of Goldman Sachs from the asset management business conclusively proves that the foreign <keyword id="109711" type="POSITION" weightage="40" keywordseo="Fund-manager">fund manager</keyword>s are finding it difficult to make inroads into the Indian investors' mind space," said a fund manager with a leading foreign fund. 
 He said: "In the last few years, we have witnessed the exit of Fidelity, PineBridge, <keyword id="48670" type="CITY" weightage="100" keywordseo="Morgan-Stanley">Morgan Stanley</keyword>, ING among others." 
 
Foreign firms are finding it difficult to compete against local companies such as HDFC, ICICI, Reliance, Birla and UTI, except for outfits such as Blackrock and Franklin Templeton. 
 
Dhirendra Kumar, founder and CEO of Value Research, is of the view that foreign fund managers find it difficult to navigate India's investment landscape. Value Research is an independent mutual fund research house. 
 
In 2014, PineBridge Mutual Fund sold its domestic mutual fund schemes to Kotak Mahindra AMC, Morgan Stanley sold its domestic MF business to HDFC AMC and ING MF was acquired by Birla Sun Life AMC. In 2012, L&amp;T Finance acquired Fidelity's mutual fund business in India. 
 
(Image: Indiatimes)

Who will buy Goldman’s MF business in India?  Reliance Mutual Fund or HDFC

Reserve Bank has accorded approval to HDFC Mutual Fund to raise its stakes in Federal Bank as well as in Equitas Small Finance Bank to up to 9.5 per cent. The clearance has been granted with reference to the application made by <keyword id="174045" type="General" weightage="20" keywordseo="hdfc-amc" source="Orion">HDFC AMC</keyword> to RBI, according to a regulatory filing on Thursday. "...the Reserve Bank of India (RBI) vide its letter dated September 20, 2023, has accorded its approval to HDFC Asset Management Company Ltd (HDFC AMC) for acquiring aggregate holding of up to 9.5 per cent of the paid-up share capital or voting rights of Federal Bank," the bank said in the filing. In a separate filing, Equitas Small Finance Bank said HDFC AMC got RBI's approval on September 20 to raise 'aggregate holding' of up to 9.5 per cent of the paid-up equity capital or voting rights in the small finance bank. HDFC AMC holds a 4.49 per cent stake in Kerala-based Federal Bank, and a 4.68 per cent stake in Equitas Small Finance Bank as of June 30, 2023. The approval granted by the <keyword id="6358156" type="General" weightage="20" keywordseo="central-bank" source="Orion">central bank</keyword> is subject to compliance with the relevant provisions of the <keyword id="6354778" type="General" weightage="20" keywordseo="banking" source="Orion">Banking</keyword> Regulation Act, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time), provisions of the Foreign Exchange Management Act, 1999, regulations issued by Securities and Exchange Board of India (Sebi), and any other guidelines, regulations and statutes as applicable, the filing said. As per the RBI intimation, it said HDFC AMC must ensure that the aggregate holding in the bank does not exceed 9.5 per cent of the paid-up share capital or voting rights of the bank at all times. Further, it said, if the aggregate holding falls below 5 per cent, prior approval of RBI will be required to increase it to 5 per cent or more of the paid-up share capital or voting rights of the bank.

HDFC MF gets Reserve Bank nod for raising stake in Federal Bank, Equitas SFB to 9.5%

As <keyword id="472962" type="ORGANIZATION" weightage="20" keywordseo="HDFC-Life">HDFC Life</keyword> and <keyword id="1118012" type="UNKNOWN" weightage="20" keywordseo="max-life">Max Life</keyword> are all set to create the country's biggest private life insurer, <keyword id="6448020" type="PERSON" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword> and <keyword id="10338" type="PERSON" weightage="20" keywordseo="Analjit-Singh">Analjit Singh</keyword> came together in a press conference to disclose some of the details of the deal which is now sealed. Parekh said he believes macro economic conditions in India are favourable for such a merger and, HDFC and Max have strong synergies. Meanwhile Analjit said he has not seen effective consolidation in <keyword id="6406875" type="COMPANY" weightage="20" keywordseo="life-insurance">life insurance</keyword> industry in years. 

	Key announcements made: 
 

	- HDFC LIFE to be the listed entity on completion of merger process

	- Max Life to merge into Max Fin Svcs, then into HDFC LIFE

	-Renewable premiums to grow around 10% per year going ahead. New business premium to grow by 15% in five yrs

	-Deal is subject to regulatory, shareholder approvals, and there is no need for open offer in Max Life merger

	-The agreement provides for a mutually agreed 6-month exclusivity period for due diligence and discussions between the parties in relation to a proposed transaction.
 

	The combined entity would be the largest private sector insurer, both in terms of assets under management and new business premiums. Assets under management of the combined entity would touch Rs 1.10 lakh crore and new premiums would almost touch Rs 9400 crore.
 HDFC Life is a joint venture between HDFC and <keyword id="1110792" type="ORGANIZATION" weightage="20" keywordseo="Standard-Life-plc">Standard Life Plc</keyword>, a provider of financial services in the UK. While HDFC holds 61.65 per cent in it, the foreign partner holds 35 per cent. Max Life Insurance, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo InsuranceCo. Ltd. The foreign partner holds 25 per cent in the insurer. Max Financial Services is already listed on the stock exchanges and is the holding company of Max Life Insurance. 

	For HDFC, this will be the second such merger announced in this month. Earlier in June, HDFC Ergo General Insurance, the general insurance arm of mortgage lender HDFC, said that it will acquire L&amp;T General Insurance for Rs 551 crore, which if completed would be the first ever merger in the insurance industry.

HDFC Standard + Max Life = Rs 50,000 crore, India’s largest private insurance company

New Delhi, May 9 () HDFC Asset Management Company on Saturday reported a 9 per cent drop in profit-after-tax at Rs 250 crore for the three months ended March 2020.In comparison, it had posted a profit-after-tax of Rs 276.17 crore in the year-ago period, HDFC AMC said in a regulatory filing to the stock exchanges.Its total income declined to Rs 449.62 crore in the fourth quarter ended March 31, 2020 from Rs 547.67 crore in the same period a year ago."The board of directors has proposed a final dividend of Rs 28 per equity share for the year ended March 31, 2020, subject to the approval of the shareholders at the ensuing annual general meeting," the company said.The average assets under management of the fund house increased to Rs 3.7 lakh crore as of March 31, 2020 compared to Rs 3.42 lakh crore as on March 31, 2019.For the entire fiscal 2019-20, the fund house profit-after-tax surged 36 per cent to Rs 1,262.41 crore from Rs 930.6 crore in the preceding fiscal.Its total income rose to Rs 2,143.43 crore for 2019-20 from Rs 2,096.78 crore in the preceding fiscal. SP MKJ

HDFC AMC Q4 profit-after-tax drops 9 pc to Rs 250 cr

New Delhi, Dec 3 () Standard Life Investments Ltd, one of the promoters of HDFC Asset Management Company, will offload 2.23 per cent stake in the fund house on December 4-5.
 In a regulatory filing to stock exchanges, Standard Life has proposed to sell up to 47.5 lakh equity shares, representing 2.23 per cent of the total issued and paid-up equity share capital of HDFC AMC through offer-for-sale mechanism.
 Besides, there will be an option to additionally sell up to 38.5 lakh equity shares, amounting to 1 .81 per cent stake of the fund house.
 The stake-sale will be conducted on the BSE and NSE on December 4 for institutional investors and December 5 for retail investors. 
The floor price for the sale has been set at Rs 3,170 per equity share. At this price, the promoter will fetch Rs 1,505.75 crore.
 Shares of HDFC AMC ended at Rs 3,441.45 apiece on the BSE, up 1.34 per cent from the previous close.
 The share-sale is being undertaken by the promoter for achieving the minimum public shareholding in the company as prescribed under markets regulator Sebi's norm.
HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments.
As of September this year, Standard Life held 29.94 per cent stake in the mutual fund house, while HDFC owned 52.76 per cent. 
DSP Merrill Lynch is the broker for Standard Life.
In July 2018, HDFC AMC had hit the capital markets to raise an estimated Rs 2,800 crore through its initial public offering. SP MR
MR

Standard Life to sell 2.23% stake in HDFC AMC via OFS mechanism

New Delhi, Jun 17 () Standard Life Investments Ltd, one of the promoters of HDFC Asset Management Company, will offload 2.82 per cent stake in the fund house through the offer-for-sale mechanism. The stake sale will be conducted on the BSE and NSE on January 17 for no-retail investors and January 18 for retail investors. In a regulatory filing to stock exchanges, Standard Life has proposed to sell up to 60 lakh equity shares, representing 2.82 per cent of the total issued and paid-up equity share capital of HDFC AMC through offer-for-sale mechanism. Besides, there will be an option to additionally sell up to 60 lakh equity shares of the fund house in case the oversubscription option is exercised. The floor price for the sale has been set at Rs 2,362 per equity share. At this price, the promoter will fetch Rs 1,417.2 crore. Shares of HDFC AMC ended at Rs 2,537.65 apiece on Tuesday, down 2.48 per cent. The share-sale is being undertaken by the promoter for achieving the minimum public shareholding in the company as prescribed under markets regulator Sebi's norms. HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments. Standard Life had sold 47.5 lakh equity shares, representing 2.23 per cent stake, of HDFC AMC through offer-for-sale in December last year. As of March this year, Standard Life held 26.89 per cent stake in the mutual fund house, while HDFC owned 52.72 per cent. In July 2018, HDFC AMC had hit the capital markets to raise an estimated Rs 2,800 crore through initial public offering. SP ANU ANU

Standard Life to sell 2.82 pc stake in HDFC AMC via OFS

<ul><li><keyword id="6354731" type="General" weightage="20" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> in a statement said that the lender is exploring opportunities to offload 6% stake in the <keyword id="13222" type="General" weightage="20" keywordseo="sbi" source="Orion">SBI</keyword> Funds Management through <keyword id="6354763" type="General" weightage="20" keywordseo="ipo" source="Orion">IPO</keyword> route.</li><li>Currently, SBI has 63% stake in the fund house while the MF is reportedly valued at $7 billion.</li><li><keyword id="164487" type="General" weightage="20" keywordseo="sbi-mf" source="Orion">SBI MF</keyword> will be the third fund house to get listed on exchanges after UTI AMC and HDFC AMC.</li></ul>India’s largest lender, State Bank of India (SBI) has informed exchanges on Wednesday that SBI Mutual Fund (MF) may get listed and that SBI is looking to sell 6% stake in the company through the initial public offering (IPO). Currently, SBI has a 63% stake in the fund house and the remaining 37% is held by Paris-based AMUNDI Asset Management. SBI MF is a joint venture between SBI and AMUNDI Asset Management. A <a href="https://www.bloomberg.com/news/articles/2021-12-15/biggest-india-bank-exploring-ipo-for-mutual-fund-jv">Bloomberg report </a>said that the bank is looking to raise $1 billion through this IPO. <div type="image" title="SBI share" height="900" width="1200" msid="88292744" hostid="261"></div> SBI MF will become the third fund house to get listed on exchanges after UTI Asset Management and HDFC Asset Management. The fund house made a profit of ₹862 crore in FY21 from a total income of ₹1,619 crore. Also, it is among the top fund houses in the country with assets under management of ₹5.78 lakh crore as of September quarter. <a href="https://www.livemint.com/industry/banking/sbi-to-explore-offloading-6-stake-in-mf-arm-via-ipo-11639540226501.html">Reports </a>say that SBI’s plan to list the mutual fund arm is part of its strategy to monetise its non-core operations after divesting some of its stakes in life insurance and cards businesses last year. SBI had raised over ₹10,340 crore through the listing of SBI Cards and ₹8400 crore through SBI Life IPO. SEE ALSO:

You Searched For "hdfc asset management company" and got 12 results

HDFC AMC Q1 profit after tax jumps 52% to ₹477 cr

PTI

HDFC AMC Q3 PAT climbs 45% to Rs 352-cr

PTI

HDFC AMC shares rise over 2 pc on strong Q3 results

PTI

HDFC AMC reaches settlement with Sebi in Essel Group matter

PTI

AMCs, financial stocks jump up to 13 pc after RBI move

PTI

Who will buy Goldman’s MF business in India? Reliance Mutual Fund or HDFC

BI India Bureau

HDFC MF gets Reserve Bank nod for raising stake in Federal Bank, Equitas SFB to 9.5%

PTI

HDFC Standard + Max Life = Rs 50,000 crore, India’s largest private insurance company

Anushree Singh

HDFC AMC Q4 profit-after-tax drops 9 pc to Rs 250 cr

PTI

Standard Life to sell 2.23% stake in HDFC AMC via OFS mechanism

PTI

Standard Life to sell 2.82 pc stake in HDFC AMC via OFS

PTI

SBI Mutual Fund to come up with an IPO; SBI to sell 6% out of 63% stake via the public issue

Bhakti Makwana

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