Arm to launch MF

Bajaj Finserv,the non-banking finance company of the Bajaj group,plans to set up an asset management company by next year. 8220;We will launch the mutual fund company as a 50:50 joint venture with Allianz with whom we already share our general and life insurance companies. We have applied to Sebi and expect to get the necessary clearance in 2-3 months8217; time. We plan to start the company early next year,8221; managing director Sanjiv Bajaj said. The company has reported a net profit of Rs 71 crore in the last financial year mainly due to the improved performances of the life insurance company and the auto finance business. The company had posted a loss of Rs 33 crore in 2007-08. The life insurance company,Bajaj Allianz,posted a profit of Rs 45 crore in its eighth year of operation. It also had posted a loss in 2007-08 at Rs 16 crore,while the general insurance arm posted a net profit of Rs 95 crore in 2008-09 compared to Rs 106 crore in 2007-08.