Schroders buys Indian asset management business

18th Sep 2012 14:19

Asset manager Schroders has said its wholly-owned subsidiary, Schroder Singapore, has completed the acquisition of 25 per cent of the share capital of Axis Asset Management Company, the Indian asset management business of Axis Bank. The transaction was made to enable Schroders to participate in the growth opportunity represented by the Indian unit trust market through a strategic relationship with a leading private sector bank. When the acquisition was first announced in April of this year, Chief Executive Michael Dobson said: "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." Shares were down 1.64% to 1,557p by 14:32. NR