axis Bank announced on Tuesday that it has received regulatory approval to act as a pension fund manager and its assets under management (AUM) has already crossed Rs 100 crore. retirement Business. Third largest private sector lender receives commencement of business certificate Pension Fund Regulatory and Development Authority (PFRDA) on 20 September, and AUM According to the company’s statement, the first 45 days of business have been managed.

Bank launches step-down subsidiary Axis Pension Fund Management through its subsidiary Axis Asset Management Company, which has entered into retirement business, the statement said.

Axis Bank Chief Executive and Managing Director Amitabh Choudhary said Axis Pension Fund will leverage the investment management capabilities and distribution strength of the group and aims to become the preferred retirement solutions provider.

Chowdhary claimed that it is the first private pension fund to cross the Rs 100 crore AUM mark within 45 days of business operations.

Axis PFM will manage pension funds of investors across all citizens model, corporate sector and government sector as per the investment guidelines defined by the regulator, the statement said.

The company aims to assist all individuals in building their retirement wealth NPS (New Pension Scheme) for regular income after retirement. It will focus on maximizing risk-adjusted returns for its investors while adhering to PFRDA guidelines.

There are many entities in the pension fund management business, including State Bank of India, LIC, UTI, HDFC, ICICI Prudential, Kotak Mahindra Group and Aditya Birla Group.