With effect from April 2, 2007, Prudential ICICI Mutual Fund has been renamed as ICICI Prudential Mutual Fund. A similar change has also been made to the names of the fund house's schemes
02-Apr-2007 •News Desk
The name of Prudential ICICI Mutual Fund has been changed to ICICI Prudential Mutual Fund with effect from April 2, 2007. The move reflects the change in shareholding pattern of ICICI Bank and Prudential Plc (effected in August 2005) in the Asset Management Company (AMC) and the Trust Company. The names of the AMC and the Trust company have also been changed to ICICI Prudential Asset Management Company Ltd and ICICI Prudential Trust Ltd. A similar change has also been made to the names of the fund house's schemes.
Prudential Plc of UK had acquired a 55 per cent stake in the erstwhile ICICI Asset Management Company Ltd in March 1998 subsequent to which, it was re-christened as Prudential ICICI Asset Management Company Limited. The ICICI Group continued to hold the remaining 45 per cent.
However, with effect from August 2005, 6 per cent of Prudential Plc's holding in the AMC was transferred to ICICI Bank Ltd. Consequently, the latter became the dominant partner with a 51 per cent stake and this change in the shareholding pattern is now being reflected in the AMC's name.
However, since there is no change in the composition of the Board, management or operations, the move is unlikely to have any significant implications for the investors of its schemes.