Kotak Mahindra Asset Management Company (KMAMC), a wholly owned subsidiary of Kotak Mahindra Bank (KMBL), today announced that it has executed definitive agreement to acquire the domestic schemes of PineBridge Mutual Fund (PBI MF), subject to regulatory approvals. PBI MF is managed by PineBridge Investments Asset Management Company (India).

Gaurang Shah, president, asset management, Life Insurance and international business, KMBL, said, ''We have agreed to acquire the schemes of PineBridge Mutual Fund. The assets included are equity oriented which provides a further enrichment to our equity base. We have an appetite for further acquisitions which can create value for us and we would be keen to consider such opportunities.''

Shares of the company gained Rs 20.55, or 1.96%, to trade at Rs 1,068. The total volume of shares traded was 17,711 at the BSE (1.24 p.m., Friday).