Manulife Investment Management (MIM) has taken a 49% stake in Mahindra Asset Management Company (Mahindra AMC), a unit of Mahindra & Mahindra Financial Services (Mahindra Finance), for $35m.

The joint venture (JV) is aimed at expanding Manulife’s fund suite.

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Through the JV, the firm also intends to support fund penetration as well as long term wealth creation in India.

Manulife Investment Management Global Wealth and Asset Management president and CEO Paul Lorentz said: “We look forward to working with the perfect partner in Mahindra Finance to increase awareness and accessibility of retail mutual fund products in India, expand our investment solutions, and build multi-channel distribution.”

Mahindra Finance will own the remaining 51% holding in the JV.

The JV combines Mahindra Finance’s domestic market strength with the global wealth and asset management capabilities of Manulife.

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Commenting on the alliance, Mahindra Finance vice-chairman and managing director said: “We firmly believe that there is an incredible appetite for investment products and strong potential for growth in India beyond traditional markets.

“I am confident that this partnership will help accelerate our efforts towards increasing mutual fund penetration, through innovative products and solutions and best in class service standards.”

At the end of March 2020, Mahindra AMC has annualised average assets under management of INR52.17bn ($694.9m).

Manulife had more than $915bn in assets under management and administration at the end of December 2019.