NEW DELHI: Financial services firm Edelwiess has received consent from Competition Commission of India (CCI) to purchase mutual fund business of JP Morgan in India. The latter had entered the mutual funds industry in India in 2007 after approval from the fair trade regulator CCI.
The transaction, declared in March, marks the exit of another foreign fund from domestic mutual fund business of worth over Rs.13 lakh crore. In the past decade, several other global players have made their way out from the Indian MF business
CCI, which keeps a watch on unfair business practices, has cleared the deal. According to the regulator’s website Edelswiess would receive all onshore fund schemes handled by JP Morgan Asset Management in India. This will include its country-based onshore mutual fund business along with the international funds.
In accordance with the transfer agreement scheme, the right to operate the JP Morgan MF schemes will be shifted to Edelweiss AMC. Moreover, the sponsorship of the JP Morgan MF schemes will get transferred by Morgan sponsor to Edelweiss sponsor. Further, Edelwiess Trustee will take over the supervision of JP Morgan MF schemes from JP Morgan Trustee.
Other Funds by Edelweiss Asset Management
| Scheme Name | 3Y Returns (%) | AUM (Rs. Cr.) | Category |
| Edelweiss Greater China Equity Off-shore Fund | 19.52 | 45.21 | Sectoral/Thematic Fund |
| Edelweiss Large & Mid Cap Direct Plan | 13.91 | 280.94 | Large & Mid Cap Fund |
| Edelweiss Multi Cap Fund | 13.7 | 68.94 | Multi Cap Fund |
| Edelweiss Large Cap Fund | 13.58 | 133.82 | Large Cap Fund |
| Edelweiss Emerging Markets Opportunities Equity Offshore Fund | 12.86 | 5.65 | Sectoral/Thematic Fund |
| Edelweiss Mid Cap Direct Plan | 11.66 | 763.28 | Mid Cap Fund |
| Edelweiss Aggressive Hybrid Fund | 10.69 | 8.02 | Aggressive Hybrid Fund |
| Edelweiss Long Term Equity Fund (Tax Savings) | 10.36 | 74.64 | ELSS |
| Edelweiss Balanced Advantage Fund | 10.26 | 741.62 | Dynamic Asset Allocation |
| Edelweiss US Value Equity Offshore Fund | 10.02 | 44.17 | Sectoral/Thematic Fund |
| Edelweiss Tax Advantage Fund | 9.45 | 12.11 | ELSS |
| Edelweiss Banking and PSU Debt Fund | 9.35 | 190.74 | Banking and PSU Fund |
| Edelweiss Equity Savings Fund | 9.06 | 126.56 | Equity Hybrid Saving Fund |
| Edelweiss Dynamic Bond Fund | 8.52 | 103.05 | Dynamic Bond Fund |
| Edelweiss Government Securities Fund | 8.35 | 239.58 | Gilt Fund |
| Edelweiss ASEAN Equity Off Shore Fund | 7.91 | 50.72 | Sectoral/Thematic Fund |
| Edelweiss Europe Dynamic Equity Offshore Fund | 7.1 | 21.07 | Sectoral/Thematic Fund |
| Edelweiss Liquid Fund | 6.96 | 2353.84 | Liquid Fund |
| Edelweiss Arbitrage Fund | 6.76 | 5537.37 | Arbitrage Hybrid Fund |
| Edelweiss Short Term Fund | 4.47 | 13.96 | Short Duration Fund |
| Edelweiss Low Duration Super Institutional Direct Plan | 3.61 | 602.3 | Low Duration Fund |
| Edelweiss Corporate Bond Fund | 2.63 | 293.18 | Corporate Bond Fund |