Schroders Investment Management, a UK-based firm managing $
291 billion worldwide, is in talks for buying 30% stake in Axis Mutual Fund,
sponsored by Axis Bank. This will possibly also end company's four-year wait to
enter India's mutual fund market.
Axis is said to be negotiating to sell 30% stake at a
valuation corresponding to 5% of the mutual fund's assets under management of
around 8,600 crore as on December 31. At 5% of its assets, Axis Mutual Fund is
valued at almost 430 crore implying that Schroders would play around 130 crore
if the deal is consummated
"Axis Bank regularly evaluates partnership
opportunities for Axis AMC that will add value to its business either in
investment management or distribution, both local and global. When we are able
to identify the right partner, we will assess the appropriate partnership
arrangement," said a spokesperson for the bank, India's fourth most
valuable bank after, SBI, HDFC Bank and ICICI.
A Schroders spokesperson said: "We have a policy of not
commenting on market speculation or rumour. We have no further comment."
Source: http://articles.economictimes.indiatimes.com/2012-03-14/news/31168892_1_mutual-funds-axis-amc-axis-bank
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