Schroders to acquire 25 per cent. of Indian asset manager
Schroders plc (Schroders) announces that its wholly owned subsidiary, Schroder Singapore Holdings Private Limited, has reached agreement to acquire 25 per cent. of the share capital of Axis Asset Management Company (Axis AMC), the Indian asset management business of Axis Bank Limited.
Axis AMC was founded in 2009 and has assets under management of c.US$2.3 billion.
The transaction is subject to regulatory approval and is expected to complete during 2012.
Michael Dobson, Chief Executive of Schroders said, 'We are delighted to enter a long-term partnership with Axis Bank with the objective of building a leading Indian asset management business. This enables us to participate in the growth opportunity represented by the Indian mutual fund market through a strategic relationship with a leading private sector bank. 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'.
Shikha Sharma, Managing Director and Chief Executive Officer of Axis Bank said, 'We are excited at the opportunity to partner with Schroders in building our asset management business. We look forward to collaborating with Schroders' distinctive product and global distribution franchise in the coming years'.