Axis Bank’s Mutual Fund Division Acquires PMS Business Worth Rs 12,000 Crore from Securities Arm
MUMBAI: Axis Asset Management Company has announced the acquisition of the portfolio management services (PMS) business from Axis Securities. This deal will add over 2,500 investors to its platform and increase its PMS assets under management to approximately Rs 15,000 crore. The acquired business will operate under the brand “Alternates by Axis AMC,” significantly enhancing the firm’s presence in the high-net-worth individual (HNI) and ultra-high-net-worth individual (UHNI) segments.
The acquisition is one of the largest PMS transactions in India by investor count. It combines boutique investment expertise with institutional strength, governance standards, and distribution capabilities. The entire PMS team from Axis Securities, including investment professionals and client servicing teams, will transition to Axis AMC, ensuring continuity across all functions.
Naveen Kulkarni has been appointed as the chief investment officer for PMS and listed equity alternates. With over two decades of experience in equity markets, he will lead investment strategy, product innovation, and portfolio management. Gopkumar, MD and CEO of Axis AMC, stated that this acquisition is a transformative step in establishing a leadership position in the alternatives space. He emphasized that it enhances investment capabilities and strengthens the talent pool, allowing the firm to better serve the evolving needs of HNI and UHNI investors.
Through “Alternates by Axis AMC,” the company aims to create a platform that merges specialized investment thinking with the credibility of a leading asset management firm. Kulkarni expressed ambitions to rank among the top five PMS players in India within the next three years. The acquisition will also expand the alternates platform, opening opportunities for discretionary and non-discretionary PMS solutions, as well as new products leveraging Category III AIF capabilities. The listed equity alternates platform will focus on thematic strategies, small-cap opportunities, and quantitative investing approaches.
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