Bharti AXA Mutual Fund Becomes BOI AXA Mutual Fund

Bharti AXA Mutual Fund will become BOI AXA Mutual Fund with effect from May 23, 2012. Bank of India will acquire 51% stake in the joint venture - 25% stake from Bharti Ventures Ltd. and 26% from AXA Investment Managers Asia Holdings Pvt. Ltd.

Now, Bank of India (BOI) will become the Co-sponsor along with the current sponsor - AXA Investment Managers. In effect of this transaction, Bharti Ventures Ltd., the current co-sponsor of Bharti AXA Mutual Fund will exit from the joint venture.
The name of the schemes will be pre-fixed with BOI AXA in place of Bharti AXA.

Exit Option
Investors of Bharti AXA Mutual Fund have been given an option of exit without paying any exit load between April 23, 2012 to May 23, 2012.

Bank of India Re-enters in MF Business
Earlier, in 1990, Bank of India entered in Mutual Fund business as principal sponsor of BOI Mutual Fund. At that time, it launched six schemes out of which four were redeemed & two were transferred to Taurus Mutual Fund in 2004.