Standard Chartered Mutual Fund
Standard Chartered Mutual Fund
History and Acquisition of Standard Chartered Mutual Fund in India
Standard Chartered Bank did have an asset management business in India, operating as Standard Chartered Mutual Fund. However, this business was sold.
- Initial Attempted Sale to UBS (2007): Standard Chartered initially agreed to sell its Indian mutual fund business to UBS Global Asset Management for approximately $120 million. However, this deal fell through in December 2007 due to a lack of regulatory approvals from the Reserve Bank of India (RBI).
- Acquisition by IDFC (2008): In March 2008, Standard Chartered successfully sold its Indian mutual fund business (Standard Chartered Asset Management Company Private Limited and Standard Chartered Trustee Company Private Limited) to IDFC (Infrastructure Development Finance Company) for approximately $205 million (around Rs 820 crore). This marked IDFC's entry into the mutual fund industry.
Therefore, the schemes previously managed by Standard Chartered Mutual Fund in India were merged into or became part of IDFC Mutual Fund.
Subsequently, IDFC Mutual Fund was acquired by a consortium led by Bandhan Financial Holdings Limited, GIC (Singapore's Sovereign Fund), and ChrysCapital in 2022. Following this acquisition, IDFC Mutual Fund was rebranded as Bandhan Mutual Fund in March 2023.
Current Status
Today, Standard Chartered Bank in India acts as a distributor of mutual funds, offering its customers access to schemes from various active mutual fund houses (like SBI Mutual Fund, Aditya Birla Sun Life Mutual Fund, etc.) through platforms like "SC Invest" and "Fund Select." They do not manage their own mutual fund schemes.
Conclusion for "Standard Chartered Mutual Fund" in India
Given the above, it's not possible to provide an introduction, fund manager, scope, or list of funds for "Standard Chartered Mutual Fund" as an active AMC in India. Any such details would pertain to a historical entity whose schemes are now managed by Bandhan Mutual Fund.
If you're interested in:
- Standard Chartered Bank's role as a mutual fund distributor, they offer advisory services and platforms to invest in third-party mutual funds.
- The funds that were formerly part of Standard Chartered Mutual Fund, those are now part of Bandhan Mutual Fund's offerings.
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