Axis Bank's MF arm acquires Rs 12,000 crore PMS business from securities arm

Axis Asset Management Company acquires Axis Securities' portfolio management services business for Rs 12,000 crore.

Combined PMS assets under management exceed Rs 15,000 crore, adding over 2,500 investors.

Acquired business will operate under "Alternates by Axis AMC", expanding the firm's alternatives platform.

Entire PMS team of Axis Securities has transitioned to Axis AMC; Naveen Kulkarni appointed chief investment officer for PMS and listed equity alternates.

Axis AMC aims to become a top five PMS player in India within three years.