Schroders is acquiring a 25 per cent stake in Indian asset manager Axis Asset Management Company from Axis Bank.
The stake in the asset manager, which has gathered £1.4bn in assets under management since it launched in 2009, will be acquired through subsidiary Schroder Singapore Holdings Private.
Schroders chief executive Michael Dobson says: “This enables us to participate in the growth opportunity represented by the Indian mutual fund market. In addition to distributing Axis Asset Management Company’s funds internationally, there will be an opportunity to distribute Schroders funds in India through Axis’ distribution network.”
Axis Asset Management manages equity, fixed income, balanced mutual funds and hedge funds. The firm invests in the public equity, fixed income and alternative markets of India.
Paladin Financial Services managing director Tim Purdon says: “This is another example of the global market we live in. It makes sense for UK fund managers to be investing in that part of the world.”
Source: Money Marketing