Build on trust, create a winning proposition: Dr Subhash Chandra

Essel Finance Management (EFM), one of India's leading private financial services firms from the $10 billion conglomerate Essel Group, has forayed in the country's ever growing mutual funds business. The new business entity, christened Essel Mutual Fund, was launched by Dr Subhash Chandra, Rajya Sabha MP, at an event in Mumbai on Friday.

Commenting on this milestone in the 91st year of Essel Group's existence, Dr Chandra said, "Businesses are built on trust, and I'd like to tell the entire Essel Finance team to build on this trust and create a wining proposition for depositors on one side and clients on the other."

He also unveiled the logo of the new business along with Amitabh Chaturvedi, managing director, Essel Finance Management LLP (EFM).

The Essel Group's foray into the mutual fund business was accomplished by the acquisition — through an EFM subsidiary Essel Finance Wealthzone — of the entire shareholding of the Peerless General Finance and Investment Co Ltd and others in Peerless Funds Management Co Ltd and Peerless Trust Management Co Ltd.

"We feel that the mutual fund industry will double its assets under management (AUM) in the next five to six years," Chaturvedi said.

This acquisition, Chaturvedi said, will strengthen Essel Finance's presence in financial services industry and establish Essel Finance as a large financial services conglomerate.