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.
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"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.
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