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Edelweiss AMC on Friday issued a clarification with reference to a media report in relation to sale of its Mutual Fund (MF) Business, saying that the story is purely speculative, based on insinuations of vested interest and is completely baseless and untrue.

“We strongly and emphatically deny the report and wish to reiterate that the news is factually untrue and purely speculative and motivated by vested interests," Edelweiss Mutual Fund (MF) said in a release today.

The media report had said that the financial services group is planning to sell the mutual fund unit as it needs to cut debt sooner rather than later.

“Our Mutual Fund business is a strong franchisee, and seen terrific growth over the last year, doubling its customer base and managing assets of ~ INR 85,000 Cr (as on March 31, 2022). Over the last 5 years, the business has been growing from strength to strength with a CAGR of over 65% as against 17% for the industry and moved up in the industry rankings from 23rd in FY18 to 13th in FY22. We remain excited about the prospects of this business and remain committed to investing in its growth." said, Radhika Gupta, MD & CEO, Edelweiss MF.

The Edelweiss Group is one of India's leading diversified financial services company providing a broad range of financial products and services to client base that includes corporations, institutions and individuals. 

The group, led by Chairman and chief executive officer (CEO) Rashesh Shah, has sizeable presence in large retail segment through its businesses such as Life Insurance, Housing Finance, Mutual Fund and Retail Financial Markets including Stock Broking.

 

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