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Sundaram Asset Management acquires Principal Asset Management Company

Sundaram MF will take over all the schemes managed by Principal MF and acquire 100 percent of the share capital of Principal Asset Management, Principal Trustee Company, and Principal Retirement Advisors.

January 29, 2021 / 10:22 AM IST
Sundaram MF is India's 17th largest fund house with assets under management of Rs 31,339.57 crore.

Sundaram MF is India's 17th largest fund house with assets under management of Rs 31,339.57 crore.

Sundaram Asset Management Company on January 28 announced the purchase of the asset management businesses of Principal Asset Management Company in India.

Sundaram MF will take over all the schemes managed by Principal MF and acquire 100 percent of the share capital of Principal Asset Management, Principal Trustee Company, and Principal Retirement Advisors. The transaction is subject to the receipt of necessary regulatory approvals and SEBI-prescribed processes.

Sundaram MF is India's 17th largest fund house with assets under management of Rs 31,339.57 crore whereas Principal India MF is India's 25th largest fund house with AUM of Rs 7,270.51 crore, as on December 2020.

Sunil Subramaniam, Managing Director, Sundaram AMC said, “This transaction will strengthen our presence in the marketplace with the addition of a range of schemes with a good long-term performance track record across the large and mid-cap segments. This will complement our business which has traditionally been weighted towards the mid- and small-cap segment.”