LIC Mutual Fund Announces Completion of IDBI MF Schemes Merger

The merger strengthens LIC MF’s market presence and mutual fund product offerings

The synergies of the combined strength will help LIC MF capture emerging opportunities in the booming asset management industry and drive value for investors and distribution partners

Mumbai, July 31, 2023: LIC Mutual Fund (LIC MF), one of the reputed fund houses in the Indian asset management industry, has announced the successful completion of the takeover of schemes of IDBI Mutual Fund (IDBI MF). The effective date of merger has July 29, 2023.

The move is in line with LIC MF's mission to strengthen and diversify its product offerings, expand its footprint and grow its assets under management (AUM) to emerge as a leading MF house in the country. LIC MF had an AUM of Rs 18,400 Crores and IDBI MF had Rs 3,650 Crores as of June 30, 2023.

After completion of the merger, out of 20 schemes of IDBI MF, 10 schemes will be merged with similar schemes of LIC MF and the remaining 10 will be taken over by LIC MF on standalone basis, which will take its total scheme count to 38. With this merger, investors invested in IDBI MF schemes will get access to LICMF’s diversified basket of product offerings covering Equity, Debt, Hybrid, Solution oriented themes, ETF and Index funds.

Commenting on the successful completion of the scheme merger, Mr. T.S. Ramakrishnan, Managing Director & CEO of LIC Mutual Fund, said: “It is an important milestone in our journey as we are working towards developing our capabilities to serve as a diversified mutual fund house catering to investment needs across key markets in India. The merger complements our goal to strengthen our scheme offerings in the mid-cap, small-cap, gold fund, passive fund segments, etc. The merger will help us build wider market presence and offer a more extensive range of product basket. The combined strength will help us capture emerging opportunities in the thriving asset management industry and drive value for investors and distribution partners.” He further added “Our vision is to be a trusted partner in wealth creation and a mutual fund of choice. Our track record of managing funds for over three decades has enabled us to gain trust of investors. We will remain focused and work towards delivering long-term performance by adopting adequate risk control mechanisms.”

About LIC Mutual Fund: LIC Mutual Fund was established on 20th April 1989 by LIC of India. LIC MF is an AMC with LIC of India as its Sponsor and other stakeholders being LIC Housing Finance Ltd, GIC Housing Finance Ltd and Union Bank of India.

LIC Mutual Fund endeavours to create value for its investors by adopting innovative and robust investment strategies, catering to all segments of investors. LICMF believes in providing superior investment experience and unparalleled service thereby truly delivering them “Khushiyaan Zindagi Ki".