Kothari Pioneer Mutual Fund, India's first private sector mutual fund has a new name - Pioneer ITI Mutual Fund. This change in name is on account of the H.C. Kothari Group (which was one of the founding partners of the venture) being no longer associated with the firm, having sold their stake in ITI (The Investment Trust of India) in October 1999.
Talking about the name change, Mr. Vivek Reddy, Chief Executive Officer said "Our name has changed, but our values and vision have not, and our commitment to delivering performance, service and transparency to our investors stays the same. The team of people who have successfully shaped one of India's leading mutual funds by delivering superior investment results, world-class conveniences and many notable innovations remain at the helm of the firm. Since inception, we have always been a professionally managed firm with a strong focus on independent thinking and investor enrichment, and this way of doing business will continue."
The new name of the Trustee will be Pioneer ITI Mutual Fund Private Ltd and the Trust will be known as Pioneer ITI Mutual Fund. The names of all the schemes will now reflect "Pioneer ITI" instead of "Kothari Pioneer".
Pioneer ITI has emerged as one of India's leading mutual funds managing assets of Rs.3000 crores for over 730,000 investors. It started operations in 1993 as a joint venture between Pioneer, one of America's oldest mutual funds and ITI, one of India's established finance companies. Pioneer helped found the modern mutual fund industry in the US in 1928 and has operations in several countries across the globe.