Date:18/01/2005 URL: http://www.thehindubusinessline.com/2005/01/18/stories/2005011801971300.htm

Back Principal PNB joins Bajaj Allianz for advisory services

Our Bureau

Mumbai , Jan. 17

PRINCIPAL PNB Asset Management (in association with Vijaya Bank) is partnering Bajaj Allianz Life Insurance Company to provide investment advisory services.

Under this partnership, Principal PNB AMC would advise Bajaj Allianz on investments in the mid cap universe on a stock-to-stock basis.

DSP Merrill Lynch advises Bajaj Allianz on its investments in top 50 stocks. The total corpus of the insurance company is around Rs 500 crore, of which, Rs 110 crore is in equity, according to Mr Sam Ghosh, CEO, Bajaj Allianz Life Insurance Company Ltd.

Though stock advice for the Rs 110-crore equity corpus is being provided by asset management companies, the management of the same is in-house as per IRDA norms, Mr Ghosh added.

"This is the beginning of our institutional asset management services. We are talking to other insurance companies also to provide similar services," said Mr Sanjay Sachdev, Managing Director & CEO, Principal PNB Asset Management.