Principal Mutual Fund India

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Principal Mutual Fund India
IndustryMutual Fund, Financial Services
Founded2000
Headquarters
India
Key people
Lalit Vij (MD)
Total assets₹7,090 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]

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 – 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]

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

See also[edit]

References[edit]

  1. ↑ 1.0 1.1 "Principal Mutual Fund". Groww. Retrieved 2019-12-26.
  2. ↑ "Principal Financial Group on the Forbes Best Employers for New Grads List".
  3. ↑ "More than just a plain vanilla SIP".
  4. ↑ "Principal Mutual Fund appoints Ravi Gopalakrishnan as equity head". The Economic Times. 2019-07-26. Retrieved 2019-12-26.
  5. ↑ "Principal MF appoints Bekxy Kuriakose as Fixed Income Head". Moneycontrol. Retrieved 2019-12-26.
  6. ↑ "Financial Investment Planning 2019".
  7. ↑ "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. ↑ "Principal completes acquisition of Principal Pnb AMC".
  9. ↑ Kant, Chandan Kishore (2018-01-02). "Principal Financial Group buys Punjab National Bank out of MF". Business Standard India. Retrieved 2019-12-26.
  10. ↑ Bureau, Our. "PNB sells MF stake to JV partner Principal Financial Group". @businessline. Retrieved 2019-12-26.
  11. ↑ "Principal Financial Group completes acquisition of Principal Pnb Asset Management Company – Times of India". The Times of India. Retrieved 2019-12-26.
  12. ↑ "Principal Mutual Fund Launches Super SIP".
  13. ↑ "Principal Mutual Fund announces renaming of dividend Option". Moneycontrol. Retrieved 2019-12-26.
  14. ↑ "Principal Mutual Fund appoints Ravi Gopalakrishnan as Equity Head".
  15. ↑ 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. ↑ "Principal completes acquisition of Principal Pnb AMC". The Economic Times. 2018-10-22. Retrieved 2019-12-26.
  17. ↑ "Top stocks in focus on 03 January 2018". The Economic Times. 2018-01-03. Retrieved 2019-12-26.
  18. ↑ "PNB may sell entire stake in housing finance arm; deal by September-end". The Indian Express. 2018-06-26. Retrieved 2019-12-26.
  19. ↑ "PNB offloads entire stake in Principal AMC & Principal Trustee Company".
  20. ↑ "Statement of Additional Purpose" (PDF).
  21. ↑ "Slow Down in Mutual Funds".
  22. ↑ "Mutual Funds Scheme Information Document".
  23. ↑ "Principal Mutual Fund launches small cap fund; offer to close May 6". Moneycontrol. Retrieved 2019-12-26.
  24. ↑ "Principal Mutual Fund: SIP, MF, Schemes, Login & Statement". www.etmoney.com. Retrieved 2019-12-26.
  25. ↑ "Principal Mutual Fund | Asset Management Company in India". www.principalindia.com. Retrieved 2019-12-26.

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