LIC Mutual Fund Successfully Concludes Merger of IDBI Mutual Fund Schemes in 2023.

LIC Mutual fund

LIC Mutual Fund (LIC MF) has successfully concluded the takeover of IDBI Mutual Fund schemes, marking a strategic move to strengthen and diversify its product offerings. The goal is to expand their market presence, grow their assets under management (AUM), and become a leading fund house in the country. The merger officially came into effect on July 29, as per a recent statement.

As of June 2023, LIC MF had an impressive AUM of Rs 18,400 crore, while IDBI MF’s AUM stood at Rs 3,650 crore. Following the merger, 10 out of the 20 schemes from IDBI MF will be integrated with similar schemes from LIC MF, bringing the total number of LIC MF schemes to 38.

LIC Mutual Fund

Investors who were previously associated with IDBI MF schemes will now gain access to LIC MF’s diverse array of product offerings, encompassing equity, debt, hybrid, solution-oriented themes, ETFs, and index funds.

According to TS Ramakrishnan, the Managing Director and CEO of LIC Mutual Fund, the merger aligns with their objective to strengthen scheme offerings in various segments, including mid-cap, small-cap, gold fund, passive fund, and more. The amalgamation will lead to a broader market presence and an extended range of product baskets. This combined strength positions them to seize emerging opportunities in the flourishing asset management industry.

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LIC MF is an Asset Management Company (AMC) with Life Insurance Corporation of India (LIC) as its sponsor, and other stakeholders include LIC Housing Finance Ltd, GIC Housing Finance Ltd, and Union Bank of India.

With this successful merger, LIC Mutual Fund aims to leverage its enhanced product portfolio, market expertise, and the collective strength of both entities to better serve investors and solidify its position in the competitive mutual fund landscape.

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