SUN F&C Mutual Fund
SUN F&C Mutual Fund
History and Acquisition of SUN F&C Mutual Fund in India
SUN F&C Mutual Fund was one of the early private sector mutual funds in India, having started operations in March 1995. It was a joint venture between the Indian financial services group SUN Group and Foreign & Colonial Emerging Markets (F&C) of the UK.
The Indian mutual fund industry experienced significant consolidation in the early 2000s. In line with this trend:
- Acquisition by Principal Mutual Fund (2003): In July 2003, Principal Mutual Fund (a subsidiary of the US-based Principal Financial Group) acquired SUN F&C Mutual Fund. This acquisition involved Principal taking over the management of all of SUN F&C's schemes in India, adding approximately Rs. 500 crore in assets under management (AUM) and over 70,000 investors to Principal's existing base.
- Scheme Mergers: Following the acquisition, Principal Mutual Fund merged most of SUN F&C's schemes with its own schemes that had similar investment objectives. For example, equity funds of SUN F&C were merged with Principal's equity schemes, and the same applied to debt and balanced funds. A few schemes, like the "Sun F&C Resurgent India Equity Fund," might have continued under Principal's management for a period before eventual merger or closure.
Therefore, the schemes previously managed by SUN F&C Mutual Fund in India were eventually integrated into Principal Mutual Fund's offerings.
Subsequent Developments related to Principal Mutual Fund
The story doesn't end there:
- Principal Mutual Fund's Exit from India (2021): After operating in India for several years, Principal Mutual Fund itself announced its exit from the Indian market in 2021.
- Acquisition by Sundaram Mutual Fund (2021): Sundaram Mutual Fund acquired the mutual fund schemes of Principal Asset Management Pvt. Ltd. (Principal Mutual Fund) in late 2021 / early 2022.
Current Status
Today, if you were an investor in a former SUN F&C scheme, your investment would have first transitioned to Principal Mutual Fund and then subsequently to Sundaram Mutual Fund.
Therefore, providing an "introduction, fund manager, and scope of SUN F&C Mutual Fund" as a currently active entity with a list of its funds in India would be incorrect. Any such details would pertain to a historical entity whose schemes are now part of Sundaram Mutual Fund.
Conclusion for "SUN F&C Mutual Fund" in India
Given the above, it's not possible to provide current details for "SUN F&C Mutual Fund" as an active AMC.
If you are interested in:
- The historical context of mutual fund consolidation in India, SUN F&C is a good example of how the industry evolved.
- The funds that were formerly part of SUN F&C Mutual Fund, those schemes are now managed by Sundaram Mutual Fund.
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