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Edelweiss denies report of company looking to sell mutual fund business

Edelweiss denies report of company looking to sell mutual fund business

Edelweiss Financial Services said that the company strongly and emphatically denies the report and wishes to reiterate that the news is factually untrue and purely speculative and motivated by vested interests.

Edelweiss denies report of company looking to sell mutual fund business Edelweiss denies report of company looking to sell mutual fund business

While denying speculations related to the sale of mutual fund business, Edelweiss Financial Services clarified that the business is a strong franchisee and it is not for sale.

In a regulatory filing, Edelweiss Financial Services said that the company strongly and emphatically denies the report and wishes to reiterate that the news is factually untrue and purely speculative and motivated by vested interests.

Radhika Gupta, MD and CEO, Edelweiss Mutual Fund said, “Our mutual Fund business seen terrific growth over the last year, doubling its customer base and managing assets of Rs 85,000 crore as on March 31, 2022. Over the last five years, the business has been growing from strength to strength with a CAGR of over 65 per cent as against 17 per cent for the industry and moved up in the industry rankings from 23rd in FY18 to 13th in FY22. We remain excited about the prospects of this business and remain committed to investing in its growth.”

After falling as much as 1.26 per cent in the early trade, shares of Edelweiss Financial Services closed 0.97 per cent higher at Rs 52.05 on Friday. On the other hand, the benchmark BSE Sensex settled 111 points, or 0.21 per cent, down at 52,907.93.

The company’s view came with reference to a certain media report that has appeared this morning – July 1, 2022, in relation to sale of mutual fund business. 

“The story is purely speculative, based on insinuations of vested interest and is completely baseless and untrue. We would strongly urge not to believe such baseless reporting and also urge the media fraternity to not file any speculative stories that harm investor interests,” Edelweiss Financial Services said.

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Published on: Jul 01, 2022, 4:05 PM IST
Posted by: Tarab Zaidi, Jul 01, 2022, 3:40 PM IST