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+Category:2000 establishments in Maharashtra; +Category:Financial services companies based in Mumbai using HotCat | dashes, fixed using a script

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{{Undisclosed paid|date=January 2021}}
{{Infobox company
| name = Principal Mutual Fund India
| logo =
| caption =
| type = [[Public company|Public]]
| traded_as =
| genre =
| foundation = 2000
| founder =
| location_city =
| location_country = [[India]]
| location =
| locations =
| key_people = Lalit Vij {{small|(MD)}}
| industry = Mutual Fund, Financial Services
| parent = [[Principal Financial Group]]
| assets = {{INRConvert|7090|c}}<ref name="grow">{{cite web|url=https://groww.in/mutual-funds/amc/principal-mutual-funds |title=Principal Mutual Fund |work=[[Groww]] |accessdate=2019-12-26}}</ref>
| divisions =
| subsid =
| homepage = {{URL|http://www.principalindia.com}}
| footnotes =
| intl =
}}

'''Principal Mutual Fund''' is a daughter venture of [[Principal Financial Group]], a global financial company, based out in Mumbai.<ref>{{cite web |title=Principal Financial Group on the Forbes Best Employers for New Grads List |url=https://www.forbes.com/companies/principal-financial-group/#854207b411fd}}</ref><ref>{{cite news |title=More than just a plain vanilla SIP |url=https://www.livemint.com/money/personal-finance/more-than-just-a-plain-vanilla-sip-1549992843360.html}}</ref><ref>{{Cite news|url=https://economictimes.indiatimes.com/mf/mf-news/principal-mutual-fund-appoints-ravi-gopalakrishnan-as-equity-head/articleshow/70393548.cms|title=Principal Mutual Fund appoints Ravi Gopalakrishnan as equity head|date=2019-07-26|work=The Economic Times|access-date=2019-12-26}}</ref><ref>{{Cite web|url=https://www.moneycontrol.com/news/business/mutual-funds/-1240985.html|title=Principal MF appoints Bekxy Kuriakose as Fixed Income Head|website=Moneycontrol|access-date=2019-12-26}}</ref> It was previously known as PNB Mutual Fund or Principal PNB Mutual Fund.<ref>{{cite news |title=Financial Investment Planning 2019 |url=https://enterprise-services.siliconindia.com/vendor/financial-investment-planning-websites-2019-principal-mutual-fund-cid-8575.html}}</ref><ref>{{Cite news|url=https://www.thehindu.com/business/Industry/principal-financial-acquires-pnb-stake-in-amc/article24813032.ece|title=Principal Financial acquires PNB stake in AMC|date=2018-08-29|work=The Hindu|access-date=2019-12-26|others=Special Correspondent|language=en-IN|issn=0971-751X}}</ref> The company used to function as a joint venture between Principal Financial and [[Punjab National Bank]].<ref>{{cite news |title=Principal completes acquisition of Principal Pnb AMC |url=https://economictimes.indiatimes.com/mf/mf-news/principal-completes-acquisition-of-principal-pnb-amc/articleshow/66315564.cms}}</ref><ref>{{Cite news|url=https://www.business-standard.com/article/markets/principal-financial-group-buys-punjab-national-bank-out-of-mf-118010201190_1.html|title=Principal Financial Group buys Punjab National Bank out of MF|last=Kant|first=Chandan Kishore|date=2018-01-02|work=Business Standard India|access-date=2019-12-26}}</ref><ref>{{Cite web|url=https://www.thehindubusinessline.com/markets/pnb-sells-mf-stake-to-jv-partner-principal-financial-group/article10008711.ece|title=PNB sells MF stake to JV partner Principal Financial Group|last=Bureau|first=Our|website=@businessline|language=en|access-date=2019-12-26}}</ref><ref>{{Cite web|url=https://timesofindia.indiatimes.com/business/india-business/principal-financial-group-completes-acquisition-of-principal-pnb-asset-management-company/articleshow/65593597.cms|title=Principal Financial Group completes acquisition of Principal Pnb Asset Management Company – Times of India|website=The Times of India|access-date=2019-12-26}}</ref>

== History ==
On November 25, 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.<ref>{{cite news |title=Principal Mutual Fund Launches Super SIP |url=https://economictimes.indiatimes.com/mf/mf-news/principal-mutual-fund-launches-super-sip/articleshow/62455451.cms}}</ref><ref>{{Cite web|url=https://www.moneycontrol.com/news/business/mutual-funds/principal-mutual-fund-announces-renamingdividend-option-1378787.html|title=Principal Mutual Fund announces renaming of dividend Option|website=Moneycontrol|access-date=2019-12-26}}</ref>

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 March 21, 2000. Principal Financial Services Inc. USA acquired a 100% stake in IDBI-PRINCIPAL Trustee Company On June 23, 2003.<ref>{{cite news |title=Principal Mutual Fund appoints Ravi Gopalakrishnan as Equity Head |url=https://economictimes.indiatimes.com/mf/mf-news/principal-mutual-fund-appoints-ravi-gopalakrishnan-as-equity-head/articleshow/70393548.cms}}</ref>

On May 5, 2004 – Vijaya Bank and Punjab National Bank became equal shareholders of the Trustee Company.<ref>{{Cite web|url=https://www.livemint.com/Money/3ymtF6MPJw323V1S442zGO/Principal-Financial-buys-Vijaya-Banks-stake-in-MF-joint-ven.html|title=Principal Financial buys Vijaya Bank’s stake in MF joint venture|last=PTI|first=|date=2014-06-27|website=livemint.com|language=en|url-status=live|archive-url=|archive-date=|access-date=2019-12-26}}</ref> Subsequently, Vijaya Bank and Punjab National Bank held 5%, 30% respectively of the paid-up equity capital of the Trustee Company.<ref>{{Cite news|url=https://economictimes.indiatimes.com/mf/mf-news/principal-completes-acquisition-of-principal-pnb-amc/articleshow/66315564.cms|title=Principal completes acquisition of Principal Pnb AMC|date=2018-10-22|work=The Economic Times|access-date=2019-12-26}}</ref><ref>{{Cite news|url=https://economictimes.indiatimes.com/markets/stocks/news/top-stocks-in-focus-on-03-january-2018/articleshow/62346200.cms|title=Top stocks in focus on 03 January 2018|date=2018-01-03|work=The Economic Times|access-date=2019-12-26}}</ref><ref>{{Cite web|url=https://indianexpress.com/article/business/banking-and-finance/pnb-may-sell-entire-stake-in-housing-finance-arm-deal-by-september-end-5233448/|title=PNB may sell entire stake in housing finance arm; deal by September-end|date=2018-06-26|website=The Indian Express|language=en-US|access-date=2019-12-26}}</ref>

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.<ref>{{cite news |title=PNB offloads entire stake in Principal AMC & Principal Trustee Company |url=https://www.indiainfoline.com/article/news-top-story/pnb-offloads-entire-stake-in-principal-amc-principal-trustee-company-118082800523_1.html}}</ref><ref>{{cite news |title=Statement of Additional Purpose |url=https://www.sebi.gov.in/sebi_data/mutualfundfile/dec-2016/principalsai.pdf}}</ref> 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.<ref>{{cite news |title=Slow Down in Mutual Funds |url=https://economictimes.indiatimes.com/mf/analysis/slowdown-in-mutual-fund-inflows-is-a-concern-says-rajat-jain-cio-principal-amc/articleshow/70492688.cms}}</ref><ref>{{cite news |title=Mutual Funds Scheme Information Document|url=https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doGetFundDetails=yes&type=2&mfId=42}}</ref><ref>{{Cite web|url=https://www.moneycontrol.com/news/business/mutual-funds/principal-mutual-fund-launches-small-cap-fund-offer-to-close-may-6-3868991.html|title=Principal Mutual Fund launches small cap fund; offer to close May 6|website=Moneycontrol|access-date=2019-12-26}}</ref>

==Assets==
It has Rs. 7090 crore in assets under its management.<ref name="grow" /><ref>{{Cite web|url=https://www.etmoney.com/mutual-funds/fund-houses/principal/12|title=Principal Mutual Fund: SIP, MF, Schemes, Login & Statement|website=www.etmoney.com|access-date=2019-12-26}}</ref><ref>{{Cite web|url=https://www.principalindia.com/about-us|title=Principal Mutual Fund {{!}} Asset Management Company in India|website=www.principalindia.com|access-date=2019-12-26}}</ref>

== See also ==

* [[Mutual funds in India]]

== References ==
{{reflist}}

{{Investment management}}
[[Category:Mutual funds of India]]
[[Category:Financial services companies established in 2000]]
[[Category:2000 establishments in Maharashtra]]
[[Category:Financial services companies based in Mumbai]]

Principal Mutual Fund India - Revision history

imported>BrownHairedGirl: +Category:2000 establishments in Maharashtra; +Category:Financial services companies based in Mumbai using HotCat | dashes, fixed using a script