Mahindra AMC, a unit of Indian non-banking finance company Mahindra & Mahindra Financial Services (Mahindra Finance), has formed a joint venture (JV) with Canadian financial services provider Manulife.

Mahindra will have a 51% stake in the JV, with Manulife owning the remainder.

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The JV will work to raise awareness about market-oriented financial instruments such as mutual funds and the growth of multi-channel distribution.

Mahindra AMC MD and CEO Ashutosh Bishnoi said: “Mahindra AMC has, over the last few years, successfully made in-roads into areas beyond the traditional investment markets.

“Our experience shows that there is tremendous appetite for investment products and potential for growth, in these markets. Manulife Investment Management fits as the right strategic partner for Mahindra Mutual fund as they bring an enormous pool of fund management talent, backed by global best practices and processes.

“Manulife’s on the ground experience in global emerging markets will help to cater to the needs of the developing Indian retail fund market.”

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Manulife Investment Management president and CEO for Global Wealth & Asset Management Paul Lorentz said: “Mahindra & Mahindra Financial Services has become a market leader by focusing on meeting unmet customer needs, which mirrors our own experiences in growing our business in Asia.”

Mahindra Finance manages more than $9.7bn in assets and has a customer base of over 6.1 million.

Manulife oversaw over $849bn in assets at the end of March 2019. The firm’s staff strength was 34,000 at the end of 2018.