Bank of Baroda, BNP Paribas to merge mutual fund businesses

State-run Bank of Baroda and French financial services group BNP Paribas have agreed to merge their mutual fund businesses. Bank of Baroda will have a stake of 50.1% in the combined asset management company. The average assets under management (AAUM) of Baroda Mutual Fund stood at ₹10,675 crore in Q2 and BNP Paribas Mutual Fund had AAUM of ₹7,300 crore.