Global fund management major Schroders Investment Management is buying 26% stake in Axis Mutual Fund for anything between Rs 175 crore and Rs 250 crore, valuing the asset management company (AMC) at Rs 700-1,000 crore.
The deal is expected to
be announced on Friday when the board of Axis bank, the sole sponsor of the
fund house, meets to consider the bank’s financial results. Schroders is
entering Axis MF as strategic investors. Axis Bank could not be reached for
comment on this deal.
According to the January-March 2012 figures released by
the fund industry trade body AMFI, average assets under management (AUM) of
Axis MF was close to Rs 8,900 crore. At the upper end of the price range being
talked about, Schroders would be paying about 11% of the AUM. Schroders is the
206-year old UK-headquartered firm and currently has presence in 35 different
countries around the world, managing nearly $300 billion worth of assets.
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