Kotak Mahindra Asset Management Company entered into a distribution tie-up with Oriental Bank of Commerce (OBC). Under the agreement, OBC will offer the entire bouquet of Kotak Mutual Fund's products across the bank's branches. Mr. Sandesh Kirkire, Chief Executive Officer, Kotak Mahindra AMC and Mr. Alok Kumar Misra, Chairman and Managing Director, OBC signed the MOU.
On the occasion, Mr. Sandesh Kirkire, Chief Executive Officer, Kotak Mahindra Asset Management Company said, "The banking network is one of the best approaches to reach out to retail investors. Offering advice on mutual fund investments is an extension of the value-added services that are offered by banks. As experts in the field of wealth creation in India, our tie-up with OBC will reinforce our commitment to expand retail participation. With this tie-up customers will gain easy access to the various schemes of Kotak Mahindra AMC at the branches where they do their banking transactions."
"This tie-up between the two large players in their respective fields will be mutually rewarding. OBC can leverage its unmatched branch network and customer base to cross sell a range of mutual fund products and thus open up a new revenue stream. For Kotak Mahindra AMC, the tie up will enable it to tap into OBC's huge network and customer base", he added.
Mr. Alok K. Misra, Chairman and Managing Director, Oriental Bank of Commerce said, "OBC through its well spread network of branches in metro, urban, semi-urban and rural centres can reach various segments of customers and familiarize the new investment opportunities. We have taken one more step in this direction by signing a Memorandum of Understanding with a well known mutual fund i.e. Kotak Mahindra, to offer additional investment products to the customers of our Bank. The customers of our Bank now have more products in the basket to choose from."
About Kotak Mahindra Mutual Fund:
Kotak Mahindra Mutual Fund is in the business of asset management, by providing investors with smart financial products, which are aimed at enhancing customers' wealth, along with services that make the investing process easier. The company has a history of innovative products and services behind it, and has led the way for the industry on many counts.
Set up in 1998, Kotak Mutual Fund currently manages assets in excess of Rs. 22665.10 crores contributed by over 8 lakh investors (as on 31st January, 2008).