India-based IDFC Mutual Fund is set to operate under a new brand name, called Bandhan Mutual Fund, effective immediately.

With the move, various schemes offered by the fund house will be renamed with the word ‘Bandhan’ in place of ‘IDFC’.

The rebranding also includes the release of a new logo of the fund house.

However, it will not change the firm’s basic investment strategy, processes and the workforce at IDFC Mutual Fund.

IDFC Asset Management Company (AMC) CEO Vishal Kapoor said: “Our new name reflects our new sponsorship, and we are proud to now be a part of the Bandhan Group.

“Backed by the legacy, goodwill, and inclusiveness that our Sponsors represent, we are confident that our investors will continue to benefit from the same passion, expertise, and focus that they have experienced over the years.”

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The latest move follows an announcement issued by IDFC in April last year regarding its acquisition by a consortium led by Bandhan Financial as part of a deal valued at INR45bn ($548m).

IDFC chairman Anil Singhvi then said: “We have achieved signing within six months of the Board’s decision to divest, which further demonstrates IDFC Board’s commitment to consummate the merger of IDFC and IDFC Financial Holding Company with IDFC First Bank.

“The Bandhan consortium with its strong brand and resources will further strengthen distribution of products and improving overall experience for IDFC AMC’s investors and distributors.”