Aditya Birla Financial Services through its subsidiary Birla Sun Life Mutual Fund has acquired the asset management business of ING’s Indian unit ING Investment Management (India).
Through this acquisition, the company will add INR11 billion ($187 million) to its assets under management that includes mutual fund schemes and portfolio management services.
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Aditya Birla Group chief executive of financial services, Ajay Srinivasan, was quoted by Financial Chronicle as saying: "We have bought over the schemes and are committed to providing our top quality products and services to over 75,000 customers of ING Investment Management India.
The development is expected to further Birla Sun Life’s alternate assets with the addition of new management services to its high-net-income investors’ base.
Birla Sun Life MF CEO A Balasubramanian said: "We found a strategic fit in the acquisition of schemes of ING Investment Management. Beyond AUM, this adds to our existing investor base and we see an opportunity to increase penetration."
The deal would be a key step in concluding Dutch firm’s plan to wind up its asset management business in Asia following the suite of the US’s Fidelity and Morgan Stanley, who divested their AMC businesses to L&T MF and HDFC MF, respectively.
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By GlobalData
