Principal Mutual Fund India
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| Company type | Private |
|---|---|
| Industry | Mutual Fund, Financial Services |
| Founded | 2000 |
| Headquarters | |
Key people | Lalit Vij (MD) |
| Total assets | ₹7,090 crore (US$890 million)[1] |
| Parent | Principal Financial Group |
| Website | www |
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][11]
History[edit]
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.[12][13]
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.[14] Subsequently, Vijaya Bank and Punjab National Bank held 5%, 30% respectively of the paid-up equity capital of the Trustee Company.[15][16][17]
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.[18][19] 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.[20][21][22] In 2022 Sundaram Mutual fund company has acquired the Principle mutual fund AMC.
Assets[edit]
It has Rs. 7090 crore in assets under its management.[1][23][24]
See also[edit]
References[edit]
- ^ a b "Principal Mutual Fund". Groww. Retrieved 26 December 2019.
- ^ "Principal Financial Group on the Forbes Best Employers for New Grads List". Forbes.
- ^ "More than just a plain vanilla SIP".
- ^ a b "Principal Mutual Fund appoints Ravi Gopalakrishnan as equity head". The Economic Times. 26 July 2019. Retrieved 15 June 2022.
- ^ "Principal MF appoints Bekxy Kuriakose as Fixed Income Head". Moneycontrol. Retrieved 26 December 2019.
- ^ "Financial Investment Planning 2019".
- ^ "Principal Financial acquires PNB stake in AMC". The Hindu. 29 August 2018. ISSN 0971-751X. Retrieved 26 December 2019.
- ^ "Principal completes acquisition of Principal Pnb AMC".
- ^ Kant, Chandan Kishore (2 January 2018). "Principal Financial Group buys Punjab National Bank out of MF". Business Standard India. Retrieved 26 December 2019.
- ^ "PNB sells MF stake to JV partner Principal Financial Group". @businessline. Retrieved 26 December 2019.
- ^ "Principal Financial Group completes acquisition of Principal Pnb Asset Management Company – Times of India". The Times of India. Retrieved 26 December 2019.
- ^ "Principal Mutual Fund Launches Super SIP".
- ^ "Principal Mutual Fund announces renaming of dividend Option". Moneycontrol. Retrieved 26 December 2019.
- ^ PTI (27 June 2014). "Principal Financial buys Vijaya Bank's stake in MF joint venture". livemint.com. Retrieved 26 December 2019.
- ^ "Principal completes acquisition of Principal Pnb AMC". The Economic Times. 22 October 2018. Retrieved 26 December 2019.
- ^ "Top stocks in focus on 03 January 2018". The Economic Times. 3 January 2018. Retrieved 26 December 2019.
- ^ "PNB may sell entire stake in housing finance arm; deal by September-end". The Indian Express. 26 June 2018. Retrieved 26 December 2019.
- ^ "PNB offloads entire stake in Principal AMC & Principal Trustee Company".
- ^ "Statement of Additional Purpose" (PDF).
- ^ "Slow Down in Mutual Funds".
- ^ "Mutual Funds Scheme Information Document".
- ^ "Principal Mutual Fund launches small cap fund; offer to close May 6". Moneycontrol. Retrieved 26 December 2019.
- ^ "Principal Mutual Fund: SIP, MF, Schemes, Login & Statement". www.etmoney.com. Retrieved 26 December 2019.
- ^ "Principal Mutual Fund | Asset Management Company in India". www.principalindia.com. Retrieved 26 December 2019.