Edelweiss MF dismiss report of business sale, term reports as 'baseless'

We remain excited about the prospects of this business and remain committed to investing in its growth, said Edelweiss MF CEO

Leading asset manager Edelweiss AMC on Friday denied the reports of the sale of its mutual fund business stating the media report to be completely baseless, purely speculative and based on insinuations of vested interest.

 

Edelweiss Mutual Fund (MF) said, “We strongly and emphatically deny the report and wish to reiterate that the news is factually untrue and purely speculative and motivated by vested interests.”

 

The media report stated that the financial service group in order to cut debt sooner, and hence, was planning to sell the mutual fund unit.

 

Radhika Gupta, MD and CEO, Edelweiss Mutual Fund (MF) said, “Our Mutual Fund business is a strong franchisee, and seen terrific growth over the last year, doubling its customer base and managing assets of Rs  85,000 Cr (as on March 31, 2022). Over the last 5 years, the business has been growing from strength to strength with a CAGR of over 65% as against 17% for the industry and moved up in the industry rankings from 23rd in FY18 to 13th in FY22. We remain excited about the prospects of this business and remain committed to investing in its growth.”