Edelweiss MF Issues Clarifications on Mutual Fund Business Sales Reports

Edelweiss AMC released a clarification on Friday referring to a media report regarding the sale of its mutual fund (MF) business, saying the story is purely speculative, based on innuendo of vested interests and is completely baseless. and false.

“We strongly and categorically deny the report and wish to reiterate that the news is factually false and purely speculative and driven by vested interests,” Edelweiss Mutual Fund (MF) said in a statement today.

The media report had said that the financial services group planned to sell the mutual fund unit as it needed to reduce its debt as soon as possible.

“Our mutual fund business is a strong franchisee and has grown tremendously over the past year, doubling its client base and managing assets of approximately INR 85,000 (as of March 31, 2022). Over the past 5 the past few years, the company has grown steadily with a CAGR of over 65% vs. 17% for the industry and climbed the industry ranking from 23rd in FY18 to 13th in We remain excited about the prospects for this business and remain committed to investing in its growth,” said Radhika Gupta, MD and CEO, Edelweiss MF.

The Edelweiss Group is one of the leading diversified financial services companies in India, offering a wide range of financial products and services to a clientele comprising corporates, institutions and individuals.

The group, led by Chief Executive Officer (CEO) Rashesh Shah, has a significant presence in the retail segment through its businesses such as life insurance, housing finance, mutual funds investment and retail financial markets, including brokerage.

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Dolores W. Simon