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Dec 8, 1999
Birla MF still on the prowl for takeovers
Birla Mutual Fund (MF) will not stop at Apple MF and is game for more takeovers to sustain its explosive growth. This was revealed by N.K. Sharma, Birla MF's senior vice president and chief of business development.
As reported by a leading financial newspaper, N. K. Sharma remarked: 'We are not necessarily looking for a fund with a huge asset base. The quality of assets is important.'
Earlier there was some talk of the Kotharis offering their stake in Kothari Pioneer to Birla MF, which was snubbed by the latter.
Birla MF also plans to list its open-ended schemes on stock exchanges. N. K. Sharma opined, 'It is an efficient manner of selling MFs, rather than expanding across-the-country.'
Taking over funds is sound strategy given the fact that Birla MF will get access to a large retail base. With MFs offering a stream of innovative products and services to attract inflows, having a large retail base will prove most crucial. However, as rightly pointed out by the fund, quality of assets should be the criterion for takeover, and not just a wide retail base.
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