Principal Mutual Fund India

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Principal Mutual Fund is a daughter venture of Principal Financial Group, a global financial company, based out in United States.^{[2][3][4][5][6][7]} [].^{[8][9][10][11]}

History[]

On November 25, 1994, it constituted trust in accordance with the Indian Trusts Act, 1992. Industrial Development Bank of India (IDBI) initially set up the fund by the execution of a deed under which IDBI was the only Sponsor, Settlor, and Principal Trustee, with an initial amount of Rs. 1 lakh and an additional amount of Rs. 24.99 crore was settled as the trust corpus.^[12][13]

Principal Financial Services Inc., USA, along with IDBI, became the deemed sponsor by acquiring a 50% stake in IDBI-Principal Asset Management Company Limited On March 21, 2000. Principal Financial Services Inc. USA acquired a 100% stake in IDBI-PRINCIPAL Trustee Company On June 23, 2003.^[14]

On May 5, 2004 – Vijaya Bank and Punjab National Bank became equal shareholders of the Trustee Company.^[15] Subsequently, Vijaya Bank and Punjab National Bank held 5%, 30% respectively of the paid-up equity capital of the Trustee Company.^[16][17][18]

Punjab National Bank offloaded its entire stake in Principal PNB Asset Management Company Pvt Ltd and Principal Trustee Company Pvt Ltd in favor of Principal Group.^[19][20] Principal Financial Group reported the completion of the buyback of all shares of PNB that gave Principal complete ownership of Principal PNB Asset Management Company Private Limited.^[21][22][23]

Assets[]

It has Rs. 7090 crore in assets under its management.^[1][24][25]

See also[]

• Mutual funds in India

References[]