Kochi, May 6: Fidelity Fund Management today entered into an agreement with the Federal Bank, one of the country's premier private sector banks, for the distribution of its products across the country.
Through the distribution tie-up, Fidelity's entire product portfolio would be available though the 600 branches of Federal Bank, Bank Chairman M Venugopalan said today. " With this partnership, our customers will have easier access to the Fidelity's range of funds and is another step towards offering holistic financial solutions," he said.
The MoU for the distribution was signed by Mr Venugopalan and Fidelity Managing Director and Country Head Ashu Suyash at a function here.
Speaking on the occasion, Ms Suyash said '' distribution holds the key to the growth of Indian mutual fund industry and banks, with their extensive branch networks and close relations with the customers, had a key role to play in popularising mutual funds as a preferred investment option.''
She said only five per cent of the total savings in the country was invested in mutual funds and there was a need to educate people on the viability of mutual funds. Fidelity, which started its operations in 2004, had a total assets under management (AUM) of over Rs 8,000 crore.