Bajaj Finserv gets nod for MF biz, to start wealth mgmt soon

Mumbai, Jan 18 (PTI) Financial services major, BajajFinserv, plans to launch its wealth management subsidiary--Bajaj Financial Solutions--in the next 6-8-weeks and has alsoreceived regulatory approval to launch mutual funds business,a top company official said.

"We plan to launch our wealth management business inthe next 6-8-weeks. We have already gone live with BSEconnectivity and will go live with NSE soon," Bajaj Finserv''sManaging Director, Sanjiv Bajaj, told PTI here today.

A team has already been put in place for the businesswhich will be headed by Arpit Aggarwal as CEO, he said.

Bajaj Finserv also plans to launch its infrastructurefinancing business soon, Bajaj said.

Anand Gore will be the CEO of this business whichwill focus on core infrastructure projects such as roads,telecom and power, Bajaj said.

The company has also received approval last week tolaunch mutual funds business which will be done inpartnership with Allianz, Bajaj said.

"We are fine-tuning details regarding this business,"he added.

Bajaj Finserv is a leading player in life and generalinsurance as well as retail finance operating through itssubsidiaries--Bajaj Allianz Life Insurance Company, BajajAllianz General Insurance Company and Bajaj Finance Limited,respectively.