BNP Paribas forms JV with Sundaram AMC
Sundaram Asset Management Company Ltd, a subsidiary of Chennai-based Sundaram Finance and France's BNP Paribas Asset Management, on Tuesday announced 50:50 joint venture for the mutual fund business in India.
By PTI |
MUMBAI: Sundaram Asset Management Company (AMC) Ltd, a subsidiary of Chennai-based Sundaram Finance and France's BNP Paribas Asset Management (BNP PAM), on Tuesday announced 50:50 joint venture for the mutual fund business in India.
BNP PAM has acquired 49.9 per cent stake in Sundaram Asset Management and the latter will have 50.1 per cent stake in the joint venture Sundaram BNP Paribas Mutual.
Sundaram BNP Paribas Mutual will invest part of the money raised abroad by BNP PAM through the BRIC (Brazil, Russia,India and China) and Parvest India Funds, said S Viji, Chairman, Sundaram Finance.
BNP PAM has 20 per cent of the BRIC fund or roughly $50 million and $100 million in Parvest India Fund marked for investment in India through the new joint venture, said said Gilles Glicenstein, Chairman, BNP PAM.
Leveraging Sundaram AMC's size, skills and expertise in the Indian market, BNP PAM would invest in Indian equity and debt markets, said Glicenstein.
BNP PAM has Euro 285 billion(Rs 16,50,000 crores) assets under management with around 20 bilion Euros investment in the emerging markets, added Glicenstein.
Global fund portfolio of BNP PAM will provide greater opportunity for Sundaram AMC, said Viji.
Looking at domestic and international opportunity Sundaram AMC has joined hand with a global partner, said T P Raman, Manging Director, Sundaram BNP Paribas Mutual.
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