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Principal PNB Asset Management Company ties up with Bajaj Allianz Life Insurance Company Limited |
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Mumbai, January 17: Principal PNB Asset Management (in association with Vijaya Bank), one of the fastest growing asset management companies in the country, today announced its partnership with Bajaj Allianz Life Insurance Co. Ltd to provide advisory services for its equity portfolio.
Principal PNB Asset Management will offer its advisory services to Bajaj Allianz Life Insurance on portfolio strategy for equity and equity-linked securities.
"We have a great deal of expertise internationally and locally and we are proud to extend our advisory services to Bajaj Allianz, one of the leading and fastest growing insurance companies in India." said Mr. Norman Sorensen, Senior VP, Principal Financial Group and President, Principal International Inc.t
Speaking on this occasion, Mr. Sam Ghosh, Country Manager, Allianz & CEO, Bajaj Allianz Life Insurance Company Ltd., said, "We have been very careful & selective in choosing our partners. We are pleased to associate ourselves with Principal PNB Asset Management whose expert advice and innovative solutions would further add value to our products & services and help us serve our customers in more effective manner."
Commenting on the tie-up, Mr Sanjay Sachdev, Managing Director & CEO, Principal PNB Asset Management, said, "Our consistent top-line performance in the past few years has been very encouraging. Our schemes have provided excellent returns to investors. With our wealth of experience in managing diverse funds we are confident that we will be able to provide the necessary expertise to the customers of Bajaj Allianz."
Principal PNB Asset Management is managing assets of Rs.5620 crores on behalf of about 300,000 customers as on December 31, 2004. With this alliance, both Principal PNB Asset Management & Bajaj Allianz expect to expand to greater heights.
About Principal PNB Asset Management Company:
Principal PNB Asset Management (in association with Vijaya Bank) is a joint venture between Principal Financial Group - a Fortune 500 company, Punjab National Bank - the third largest bank in India, and Vijaya Bank. Having started the India operations in September 2000, today Principal PNB Asset Management manages assets of over Rs 5,620 crore (as of December 31, 2004) across a range of Equity and Debt Funds of about 300,000 customers.
In the last three years, Principal Mutual Fund has launched a series of very innovative investment options, such as India's first Nifty-based Index Fund (Principal Index Fund), India's first daily dividend product (Principal Cash Management Fund -- Money at Call Option), India's first Trust Fund (Principal Trust Benefit Fund) - dedicated solely to Charitable Trusts & Cooperative Societies, an innovative Equity-Linked Savings Scheme with Insurance cover (Principal Tax Savings Fund), an innovative Child Fund with accident cover for the donor (Principal Child Benefit Fund), and India's first International Equity Fund (Principal Global Opportunities Fund), to help investors further diversify their portfolios.
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