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Principal Mutual Fund India

From EverybodyWiki Bios & Wiki

Principal Mutual Fund India
Private
ISIN🆔
IndustryMutual Fund, Financial Services
Founded 📆2000
Founder 👔
Headquarters 🏙️,
Area served 🗺️
Key people
Lalit Vij (MD)
Total assets7,090 crore (US$990 million)[1]
Members
Number of employees
ParentPrincipal Financial Group
🌐 Websitewww.principalindia.com
📇 Address
📞 telephone

Principal Mutual Fund is a daughter venture of Principal Financial Group, a global financial company, based out in United States.[2][3][4][5][6][7][8][9][10]

History[edit]

On 25 November 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.[11][12]

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 21 March 2000. Principal Financial Services Inc. USA acquired a 100% stake in IDBI-PRINCIPAL Trustee Company On 23 June 2003.[4]

On 5 May 2004 – Vijaya Bank and Punjab National Bank became equal shareholders of the Trustee Company.[13] Subsequently, Vijaya Bank and Punjab National Bank held 5%, 30% respectively of the paid-up equity capital of the Trustee Company.[14][15][16]

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.[17][18] 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.[19][20][21] In 2022 Sundaram Mutual fund company has acquired the Principle mutual fund AMC.

Assets[edit]

It has Rs. 7090 crore in assets under its management.[1][22][23]

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". Forbes.
  3. "More than just a plain vanilla SIP".
  4. 4.0 4.1 "Principal Mutual Fund appoints Ravi Gopalakrishnan as equity head". The Economic Times. 2019-07-26. Retrieved 2022-06-15.
  5. "Principal MF appoints Bekxy Kuriakose as Fixed Income Head". Moneycontrol. Retrieved 2019-12-26.
  6. "Principal Financial acquires PNB stake in AMC". The Hindu. 2018-08-29. ISSN 0971-751X. Retrieved 2019-12-26.
  7. "Principal completes acquisition of Principal Pnb AMC".
  8. Kant, Chandan Kishore (2018-01-02). "Principal Financial Group buys Punjab National Bank out of MF". Business Standard India. Retrieved 2019-12-26.
  9. "PNB sells MF stake to JV partner Principal Financial Group". @businessline. 2 January 2018. Retrieved 2019-12-26.
  10. "Principal Financial Group completes acquisition of Principal Pnb Asset Management Company – Times of India". The Times of India. 29 August 2018. Retrieved 2019-12-26.
  11. "Principal Mutual Fund Launches Super SIP".
  12. "Principal Mutual Fund announces renaming of dividend Option". Moneycontrol. Retrieved 2019-12-26.
  13. PTI (2014-06-27). "Principal Financial buys Vijaya Bank's stake in MF joint venture". livemint.com. Retrieved 2019-12-26.
  14. "Principal completes acquisition of Principal Pnb AMC". The Economic Times. 2018-10-22. Retrieved 2019-12-26.
  15. "Top stocks in focus on 03 January 2018". The Economic Times. 2018-01-03. Retrieved 2019-12-26.
  16. "PNB may sell entire stake in housing finance arm; deal by September-end". The Indian Express. 2018-06-26. Retrieved 2019-12-26.
  17. "PNB offloads entire stake in Principal AMC & Principal Trustee Company".
  18. "Statement of Additional Purpose" (PDF).
  19. "Slow Down in Mutual Funds".
  20. "Mutual Funds Scheme Information Document".
  21. "Principal Mutual Fund launches small cap fund; offer to close May 6". Moneycontrol. Retrieved 2019-12-26.
  22. "Principal Mutual Fund: SIP, MF, Schemes, Login & Statement". www.etmoney.com. Retrieved 2019-12-26.
  23. "Principal Mutual Fund | Asset Management Company in India". www.principalindia.com. Retrieved 2019-12-26.


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