BOI AXA Mutual FundThe BOI AXA Mutual Fund is one of India’s largest Mutual Fund houses. It is a joint venture between one of the largest Public Sector Banks in India, the Bank of India or BOI, and the AXA Investment Managers group, one of the world’s largest asset management and investment corporations. Although smaller in terms of Assets under Management or AUM, BOI AXA Mutual Fund has grown from strength to strength over the past few years.
Bank of India is well over a century old now. It was started by a group of like-minded businessmen in Bombay, the financial capital of British India unlike Calcutta, on September 7, 1906. It began its journey as a private bank. In the bank nationalisation drive in 1969, it was taken over by the government alongside 13 other banks.
Bank of India had very humble origins, much like most other establishments around that time. It had an initial paid up capital of Rs 50 Lakh and used to employ 50 people initially. Over the years, the bank has grown at a rapid pace and now has a significant presence across each of India’s states and Union Territories. Bank of India currently has over 5000 branches all over the country. It also has 8 NBG offices spread over India and a total of 54 zonal offices too.
The first time the Bank of India had an initial public offering or IPO was in 1997, earlier than most major financial institutions of the country. In February 2008, BOI became one of the first banks to offer a Qualified Returns Placement.
It is its long association with the spread of technology in banking and general macroeconomic circumstances. BOI was one of the pioneers behind the payments system called SWIFT, which was the backbone of all payments system in India.
In 1989, Bank of India had another pioneering effect when it introduced a fully computerised bank branch and an ATM at the Mahalakhsmi branch in Mumbai. In 1989, there were no banks which had their personal ATM services. BOI has been held in high esteem by most major investment and ratings agencies.
BOI had decided to adopt the Health Code System, a measure designed to rate the health of credit in 1982. The management has never faced serious scrutiny due to excellent banking standards, a robust checks-and-balances system, and significantly good quality of credit, It was one of the few banks which managed to emerge from the 2008 financial meltdown relatively unscathed.
BOI remains one of the foremost financial institutions across the world too, with 60 offices spread across 5 continents. BOI also has a decent presence across the pre-eminent financial capitals of the world including Berlin, Paris, Tokyo and London. Additionally, it is present in 22 nations around the world, which are dispersed across five continents.
Bank of India AXA Mutual Fund is known for a wide range of packages and superior returns.
Partnering BOI in its Mutual Funds business is AXA Investment Managers or AXAIM, the leading assets management firm which is a group company of the gigantic AXA Group. The latest available financial data reveals that AXAIM has an AUM of more than Rs. 2749.93 Crores in 2022.
A French major, AXA is located in the 8 arrondissement.
AXA’s IM offshoot was founded in 1994. AXA specialises in financial management and protection. AXA IM is, likewise, a market leader in assets management.
Their Investment Managers also excel at providing insurance services to both retail and corporate customers. Family funds, pension services, family offices and traditional wealth management practices are all covered by AXAIM.
AXAIM is located in 21 major countries across the world and employs more than 2000 people. Together with BOI, it has managed to make an impact on Mutual Funds in India.
Both the giants have also joined hands to work as trustees for the Mutual Funds business.