LIC-IDBI Mutual Funds merger: These ten schemes merged with Life Insurance Corporation. Check scheme names post-merger

livemint.com:

Mutual fund news: LIC Mutual Fund (LIC MF) has completed the takeover of schemes of IDBI Mutual Fund. With the completion of the merger, out of twenty schemes of IDBI MF, ten will be merged with similar schemes of LIC MF and the remaining will be taken over by LIC MF on a standalone basis.

With this merger, investors who have invested in IDBI MF schemes, will get access to LIC MF’s diversified basket of product offerings. The merger is effective from July 29.

As of June 2023, LIC MF had an AUM of ₹18,400 crore, while IDBI MF had ₹3,650 crore. Earlier in March 2023, the Competition Commission of India (CCI) approved the proposal of LIC Mutual Fund Asset Management to acquire management rights over the schemes of IDBI MF from IDBI Asset Management.

In 2019, LIC completed the takeover of IDBI Bank, the sponsor of IDBI Mutual Fund. However, LIC has its own asset management company, LIC Mutual Fund, under the Securities and Exchange Board of India (Sebi) rules.