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’.
For further information, please contact:
Emma Holden - Head of Corporate Communications +44 (0) 20 7658 2329 email@example.com
William Clutterbuck (Maitland) +44 (0) 20 7379 5151 firstname.lastname@example.org
Axis Bank Limited
Julius Samson – Senior Vice President and Head, Corporate Communications +91 22 24 254 604 email@example.com
Axis AMC gross assets
Axis AMC had gross assets of approximately £11 million at 31 March 2012.
Schroders is the UK’s largest asset management company with £187.3 billion under management as at 31 December 2011. We manage fund on behalf of institutional and retail investors, financial institutions and high net worth clients from around the world, invested in a broad range of asset classes across equities, fixed income, multi-asset and alternatives.
We employ more than 2,900 talented people worldwide operating from 33 offices in 26 different countries across Europe, the Americas, Asia and the Middle East, close to the markets in which we invest and close to our clients. Schroders has developed under stable ownership for over 200 years and long-term thinking governs our approach to investing, building client relationships and growing our business.
Further information about Schroders can be found at www.schroders.com or on Schroders Talking Point http://talkingpoint.brighttalk.com/
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Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
With its 1622 branches, the network of Axis Bank spreads across 1050 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has overseas offices in Singapore, Hong Kong, Shanghai, Colombo, Dubai and Abu Dhabi.
The Bank’s website www.axisbank.com offers comprehensive details about its products and services.