DSP Merrill ties up with Indian Bank

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Asset Management Company DSP Merrill Lynch Fund Managers has tied up with South Indian Bank for distribution of its schemes through select branches of the bank across the country.

DSP Merrill Lynch Fund Managers has entered into a memorandum of understanding with South Indian Bank, a statement said in Chennai.

"Offering advice on mutual fund investments is an extension of the value added services that are offered by banks.

We see South Indian Bank as an important partner for providing asset management products to Indian investors and are very happy to embark on this long-standing relationship".

DSP Merrill Lynch Fund Managers, Products and Business Development, Head, Pankaj Sharma said.

The initiative is in line with the strategy adopted by DSP Merrill Lynch Fund managers to expand their retail investor base.

DSP Merrill Lynch Fund Managers began operations in 1997 and as of May 31, 2008 has assets under management, including advisory and offshore funds of Rs 29,759 crore.

"The strong presence of South Indian Bank in South India will make distribution of MF more effective in the South. The technological advancement of SIB will be an added boon to its retail and corporate customers for direct investment in MF through net banking," South Indian Bank Chief General Manager Cheryan Varkey said.

The present tie up with DSP Merrill Lynch will enable SIB to offer more MF products at the delivery outlets, he added.