Schroders in talks for stake in Axis AMC - report

Wed Mar 14, 2012 9:44am IST

Related Topics

Stocks

   

REUTERS - Schroders Plc (SDR.L) is in talks to acquire an almost 30 percent stake in Axis Asset Management in a deal worth around 1.3 billion rupees, two newspapers reported on Wednesday citing unnamed sources.

A senior management team from the London-listed company, which manages assets worth around $290 billion, will visit Mumbai next week to finalise the deal with the mutual fund founded by Axis Bank (AXBK.NS), the Business Standard reported.

A spokesman for Axis or Schroders could not be reached by Reuters.

The acquisition would allow Schroders to sell its products in India, and grant Axis access to the London-listed company's global network.

Schroders had applied to Indian regulators for permission to set up a mutual fund business and received a license last year, the Economic Times said.

(Reporting by Henry Foy in MUMBAI; Editing by Ranjit Gangadharan)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Economic Pulse

Economic Pulse

New govt promises low and stable tax regime for economic revival.  Full Article 

Global Growth

Global Growth

IMF cuts outlook, warns of stagnation risk in rich nations  Full Article 

Market Eye

Market Eye

Nifty retreats from record highs on profit taking.  Full Article 

Waning Enthusiasm

Waning Enthusiasm

Markets' post-election enthusiasm lost on consumers.  Full Article 

Banking Sector

Banking Sector

Banks not allowed to trade in bonds for infra lending - RBI.  Full Article 

Gold Imports

Gold Imports

Govt has no proposal to reduce gold import duty.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage