UK-based Schroders AMC to buy 25% stake in Axis MF

Moneycontrol Bureau

Leading private sector lender Axis Bank on Friday inked an agreement with Schroder Singapore Holdings, a wholly owned subsidiary of global AMC major Schroders to sell 25% share of Axis Asset Management Company, the bank's mutual fund arm.

"The transaction is subject to regulatory approval and is expected to complete during 2012. It provides Axis AMC access to Schroders’ global distribution network and to advise overseas funds invested in Indian Securities," the bank said in a release.

However, the bank did not disclose any deal value or nature of the deal. According to Shikha Sharma, MD & CEO of the bank, the stake selling is aimed at building scale of the lender’s asset management business.

"We look forward to collaborating with Schroders’ distinctive product  and global distribution franchise in the coming years," she said.

According to Schroders' website, the UK-based AMC manages $291.0 billion or around Rs 15.13 lakh crore assets under management.

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