Principal Mutual Fund India

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Last edited April 13, 2021
Principal Mutual Fund India
IndustryMutual Fund, Financial Services
Founded2000
Headquarters
India
Key people
Lalit Vij (MD)
Total assetsā‚¹7,090 crore (US$990 million)[1]
ParentPrincipal Financial Group
Websitewww.principalindia.com

Principal Mutual Fund is a daughter venture of Principal Financial Group, a global financial company, based out in Mumbai.[2][3][4][5] It was previously known as PNB Mutual Fund or Principal PNB Mutual Fund.[6][7] The company used to function as a joint venture between Principal Financial and Punjab National Bank.[8][9][10][11]

History[edit | edit source]

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.[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 March 21, 2000. Principal Financial Services Inc. USA acquired a 100% stake in IDBI-PRINCIPAL Trustee Company On June 23, 2003.[14]

On May 5, 2004 ā€“ Vijaya Bank and Punjab National Bank became equal shareholders of the Trustee Company.[15] Subsequently, Vijaya Bank and Punjab National Bank held 5%, 30% respectively of the paid-up equity capital of the Trustee Company.[16][17][18]

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.[19][20] 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.[21][22][23]

Assets[edit | edit source]

It has Rs. 7090 crore in assets under its management.[1][24][25]

See also[edit | edit source]

References[edit | edit source]

  1. ā†‘ 1.0 1.1 "Principal Mutual Fund". Groww. Retrieved 2019-12-26.
  2. ā†‘ "Principal Financial Group on the Forbes Best Employers for New Grads List".
  3. ā†‘ "More than just a plain vanilla SIP".
  4. ā†‘ "Principal Mutual Fund appoints Ravi Gopalakrishnan as equity head". The Economic Times. 2019-07-26. Retrieved 2019-12-26.
  5. ā†‘ "Principal MF appoints Bekxy Kuriakose as Fixed Income Head". Moneycontrol. Retrieved 2019-12-26.
  6. ā†‘ "Financial Investment Planning 2019".
  7. ā†‘ "Principal Financial acquires PNB stake in AMC". The Hindu. Special Correspondent. 2018-08-29. ISSN 0971-751X. Retrieved 2019-12-26.{{cite news}}: CS1 maint: others (link)
  8. ā†‘ "Principal completes acquisition of Principal Pnb AMC".
  9. ā†‘ Kant, Chandan Kishore (2018-01-02). "Principal Financial Group buys Punjab National Bank out of MF". Business Standard India. Retrieved 2019-12-26.
  10. ā†‘ Bureau, Our. "PNB sells MF stake to JV partner Principal Financial Group". @businessline. Retrieved 2019-12-26. {{cite web}}: |last= has generic name (help)
  11. ā†‘ "Principal Financial Group completes acquisition of Principal Pnb Asset Management Company ā€“ Times of India". The Times of India. Retrieved 2019-12-26.
  12. ā†‘ "Principal Mutual Fund Launches Super SIP".
  13. ā†‘ "Principal Mutual Fund announces renaming of dividend Option". Moneycontrol. Retrieved 2019-12-26.
  14. ā†‘ "Principal Mutual Fund appoints Ravi Gopalakrishnan as Equity Head".
  15. ā†‘ PTI (2014-06-27). "Principal Financial buys Vijaya Bank's stake in MF joint venture". livemint.com. Retrieved 2019-12-26.{{cite web}}: CS1 maint: url-status (link)
  16. ā†‘ "Principal completes acquisition of Principal Pnb AMC". The Economic Times. 2018-10-22. Retrieved 2019-12-26.
  17. ā†‘ "Top stocks in focus on 03 January 2018". The Economic Times. 2018-01-03. Retrieved 2019-12-26.
  18. ā†‘ "PNB may sell entire stake in housing finance arm; deal by September-end". The Indian Express. 2018-06-26. Retrieved 2019-12-26.
  19. ā†‘ "PNB offloads entire stake in Principal AMC & Principal Trustee Company".
  20. ā†‘ "Statement of Additional Purpose" (PDF).
  21. ā†‘ "Slow Down in Mutual Funds".
  22. ā†‘ "Mutual Funds Scheme Information Document".
  23. ā†‘ "Principal Mutual Fund launches small cap fund; offer to close May 6". Moneycontrol. Retrieved 2019-12-26.
  24. ā†‘ "Principal Mutual Fund: SIP, MF, Schemes, Login & Statement". www.etmoney.com. Retrieved 2019-12-26.
  25. ā†‘ "Principal Mutual Fund | Asset Management Company in India". www.principalindia.com. Retrieved 2019-12-26.

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