UK-based asset management company Schroders has picked up a 25% stake in Axis Mutual Fund for an undisclosed amount.
Schroders said 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"".
""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,""said Shikha Sharma, Managing Director and Chief Executive Officer of Axis Bank.
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