However, the IDBI Group is no longer associated with the fund house. It was incorporated decades ago in 1991, but was only set up in 1994. It was initially set up as a trust and under the provisions of the Indian Trusts Act of 1882.
While it may not have as much Assets under Management as some of the bigger players in the market, it has managed to double its net AUM over the last 3 years. PMF has aggressively campaigned over some years and has managed to expand its footprint as well.It is also registered with SEBI with the registration number being MF/019/94/0.
The stated reason why the main backers- Principal Financial Services Inc., USA- is firmly behind this Mutual Fund is because it intends to spread better and more efficient financial inclusivity across the country. Besides, there is much room for growth in an economy as diverse as India’s.
The Fund was a result of a Trust deed executed by the IDBI Bank in 1994. In 2003, the Principal Group acquired the entire stake of the organisation via its wholly-owned subsidiary- Principal Financial Group Mauritius.
In 2004, two PSU banks were asked to get on board the Funds house. They were Vijaya Bank and the Punjab National Bank.
Currently, Principal Mauritius Private Limited has a share of 65% overall, while Punjab National Bank owns 30% of the company and Vijaya Bank owns 5%.
All three partners currently hold all rights, liabilities, titles and interest of the Mutual Funds house.
These are a mixture of long-term, medium-term and short-term funds, and Gilt funds, among several other types of funds. A breakdown of the active plans shows that:
- There are 2 arbitrage funds.
- Balanced and Global funds are also 2 each.
- More than 3 Short Term Income Funds.
- A total of 4 Liquid Funds are currently available.
These are the reputed Batliboi and Associates and the BSR Group. The Board of Directors has a wide gamut of professionals from a diverse range of specialities, which is a major plus point.
Principal Mutual Fund has also managed to reach out to the immense expanse of the country thanks to their primary sponsors- Karvy ComputerShare Private Limited. It has been one of the first adopters of technological breakthroughs.
Key information
- 1. Mutual fund
- a. Principal Mutual Fund
- 2. Asset management company
- a. Principal Financial Services Inc
- 3. Set up
- a. 25 November 1994
- 4. Incorporated
- a. 20 November 1991
- 5. Sponsors
- a. Principal Financial Services Inc. Ltd.
- 6. Name of trustees
- a. Michael Pinto
- b. OP Bundellu
- c. HM Singh
- d. VS Mathur
- e. Tess Downey
- f. HV Singh
- 7. Chairman
- a. Mr. Mukund Chitale
- 8. MD and CEO
- a. Lalit Vij
- 9. CIO
- a. Neelesh Surana
- 10. Investor Service Officer
- a. Mr. Hariharan Iyer
- 11. Compliance Officer
- a. Ms Richa Parasrampuria
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Volatile markets and a bullish stance from investors negate liquidity, leading to many individuals and market regulators to sell shares at cheaper rates. Conversely, a bear market will lead to widespread buyback options. Either way, Mutual Fund returns may vary considerably. Choose your risk and investment tenure appetites carefully.
Top Fund Managers
1. Mr. Rajat Jain
Mr. Jain is a senior professional in the Mutual Funds industry and has been associated with the group since its inception.
Mr. Jain is a Mechanical Engineer from the National Institute of Technology and is an alumnus of the Indian Institute of Management.
He has previously worked at the highest echelons with the SBI Mutual Funds group.
Mr. Jain provides a degree of calm in a turbulent market. He leads the Portfolio strategy too, and is in on course of taking Principal Mutual Funds to greater heights.
2. Mr. Aashish Khubchandani
Before joining the Principal Group, he occupied a senior post at Crest Finserv. Crest Finserv was also known as Tullett Prebon India earlier.
3. Mr. Siddarth Mohta
He has worked with industry-leaders like ICRA, Polaris, and Adventity Solutuions Limited.Mr. Mohta is an alumnus of reputed institutions and is a Bachelor in Commerce with a Post Graduate degree in Management.
4. Ms Rupali Pandit
Ms. Pandit has over 19 years of hands-on experience in various sections of risk, asset and wealth management. She holds a UG degree in Commerce and successfully completed the Intermediate CA exam.
She has worked with some leading firms in the financial segment like ABN AMRO, IL&FS, and GIC Limited as an Equity Dealer. She has been named one of the most influential female figures in the Indian market and has received several awards over many years. Her career spans over 19 years and she has been with the group since 2013.
All fund managers work closely with the board of trustees and the management. Principal Mutual Fund is growing at a rapid rate under their watchful guidance.
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