December 20, 2022
- Axis Bank sets foot in the retirement and pension business by launching a step-down subsidiary Axis Pension Fund Management Limited through its subsidiary Axis Asset Management Company Limited
- The Group now specializes in offering a complete suite of retirement solutions to the citizens
- Axis Pension Fund Management Limited is registered with PFRDA (Pension Fund Regulatory and Development Authority) under NPS architecture
- Commencement of Business Certificate received on 20th September 2022 and operations started on 21st October 2022
- Axis Pension Fund crosses ₹100 crores of AUM in the first 45 days of business
Axis Pension Fund Management Limited (Axis PFM) has been appointed as a Pension Fund Manager (PFM) by Pension Fund Regulatory and Development Authority (PFRDA) for managing the funds under National Pension System (NPS). Axis Pension Fund Management Limited/Axis PFM is a subsidiary of Axis Asset Management Company Limited and a step-down subsidiary of Axis Bank Limited. Axis PFM received the certificate for business commencement on 20th September 2022 by PFRDA and started operations from 21st October, 2022 onwards.
With the newly launched entity, Axis Group specializes into offering complete suite of retirement solutions to the citizens. Axis PFM will primarily be responsible for managing pension funds of the investors across all citizens’ model, corporate sector, and government sector respectively, during their work life as per investment guidelines defined by the regulator. The company aims to aid all the individuals in building their retirement wealth with NPS so they can enjoy a regular income post retirement. It will focus on maximizing risk-adjusted returns for its investors on a consistent and long-term basis while adhering to PFRDA guidelines.
Amitabh Chaudhry, MD&CEO, Axis Bank said, “With the launch of Axis Pension Fund, we are strengthening our presence in the retirement solutions segment. By capitalizing on the investment management capabilities and distribution strength of Axis Group, we believe that Axis Pension Fund will soon realise its vision of being one of the most preferred retirement solution providers in the industry. The company has already become the fastest private Pension Fund to cross ₹100 crores of AUM within the first 45 days of business operations”
Axis Pension Fund has a pool of skilled resources specialized in retirement and pension products to offer the appropriate retirement solutions to the citizens as per their need. They are committed to support its customers and investors to achieve their dreams and aspirations, by focusing on quality investment approaches across asset classes within the prescribed regulatory guidelines.
Speaking about the launch, Sumit Shukla, MD&CEO, Axis Pension Fund, added, “Our vision is to be the most preferred retirement solutions service provider excelling in customer delivery through insights, empowered employees and smart use of technology. The concept of retirement planning is still at a very nascent stage in India. We want all the citizens in India to build their retirement wealth with NPS and enjoy regular income through Annuity post superannuation for a secured retired life. With a little retirement planning, citizens can continue to live with freedom while maintaining financial independence during their second innings of life.”
With this development, Axis Group shall now cater to all retirement product categories including pension products, pension fund management and annuities to help customers plan their retirement.