Schroders extends reach in India
Asset manager Schroders is to take a substantial stake in the Indian asset management business of Axis Bank.
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
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
What the Employment Rights Bill means for your job
New workplace reforms are set to give employees new rights to benefits and flexible working
By Marc Shoffman Published
-
GSK share price surges after $2.2bn Zantac drug settlement
GSK has settled lawsuits in the US that alleged the drugmaker’s now-discontinued heartburn drug Zantac triggered cancer
By Chris Newlands Published