IDFC Mutual Fund became effective from 31-May-2008, after Infrastructure Development Finance Corporation (IDFC) acquired Standard Chartered Mutual Fund. The deal was struck for $205 million, following which the mutual fund came under the management of 'IDFC Asset Management Company Private Limited', with a new name. At that time, the mutual fund had around Rs.14000 crore in assets, with Rs. 4000 crore comprising of equity and the rest in debt. Even after the acquisition, Standard Chartered continues to distribute mutual fund products. However, it is not allowed to manage funds. Rather, it concentrates on consumer and commercial banking only. IDFC is already one of oldest lending institutions in India. With IDFC Mutual Fund, it has also managed to gain a footing in the retail sector, augmenting its high margin fee-based income in return.