Asset manager Schroders is to take a substantial stake in the Indian asset management business of Axis Bank.
Schroders is acquiring 25% of Axis Asset Management Company (Axis AMC), a company which has assets of around $2.3bn under management.
The transaction is subject to regulatory approval and is expected to complete during 2012. Michael Dobson, Chief Executive of Schroders said the acquisition enabled it to participate in the growth opportunity represented by the Indian unit trust market through a strategic relationship with a leading private sector bank.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Longer term, in addition to distributing Axis AMC's funds internationally, there will be an opportunity to distribute Schroders funds in India through Axis' distribution network," Dobson said.
Shares of Schroders were trading 25p higher at 1,445p in the afternoon trading session.
JH
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
