Manulife completed the acquisition of 49% stake in Mahindra Asset Management and Mahindra Trustee Co for $35m. Manulife has invested in the 51:49 joint venture, which aims to expand its fund offerings, drive fund penetration, and achieve long term wealth creation in India. The joint venture brings together Mahindra Finance's domestic market strength and track record of building successful businesses and partnerships, with Manulife's global wealth and asset management capabilities and richness of experience in servicing the needs of consumers in Asia and around the world across developed and developing markets. "Manulife Investment Management and Mahindra Finance share a common vision of building a market leading asset management business in India. We firmly believe that there is an incredible appetite for investment products and strong potential for growth in India beyond traditional markets. I am confident that this partnership will help accelerate our efforts towards increasing mutual fund penetration, through innovative products and solutions and best in class service standards," Ramesh Iyer, Mahindra Finance Vice-Chairman & Managing Director.