Bajaj Allianz Financial Distributors to market Fidelity's mutual funds
16 Jul 2008
Pune: Fidelity asset management company (AMC) today entered into an agreement for the distribution of its products with Bajaj Allianz Financial Distributors. With this tie-up Fidelity AMC's funds can now be sold by over 5500 agents of Bajaj Allianz Financial Distributors (BAFDL), a number that is expected to grow significantly as Bajaj increases the number of AMFI-certified agents by training its insurance agency network of more than 3 lakh agents.
J K Bhagat, CEO, Bajaj Allianz Financial Distributors, and Ashu Suyash, managing director and country head - India, Fidelity International, signed the agreement.
"We are working with our agency network to train a growing number of agents to be AMFI certified so that they are equipped to provide holistic advice to customers," Bhagat said.
Suyash says, "Mutual funds are an under owned investment product in India and this has largely been due to low market penetration given the smaller number of mutual fund agents as compared to insurance agents. With this landmark tie-up with Bajaj Allianz Financial Distributors, we will be able to tap in to their network of agents who will now be able to offer their customers mutual funds along side insurance."
Fidelity is one of the world's oldest, largest fund managers with almost $1.8 trillion in global assets under management. FIL Limited manages more than $260 billion worldwide and affiliate, Fidelity Management & Research LLC (FMR LLC) manages over $1.5 trillion.
Fidelity Fund was founded in the United States (the 10th mutual fund founded in the US), and was followed by the formation of FMR LLC in 1946 to serve as investment adviser to this fund.
Fidelity Mutual Fund has been established as a trust under the Indian Trusts Act, 1882, by FIL Investment Advisors (liability restricted to Rs. 1 Lakh).
