HWIC Asia Fund, an affiliate of Fairfax Financial Holdings, has agreed to acquire 49.2% stake in Quantum Advisors, which manages money for foreign investors and is the investment manager of Quantum Mutual Fund, for an undisclosed sum.
As per the terms of the deal, HWIC will acquire shares from an existing financial shareholder and subscribe to new shares issued by Quantum Advisors.
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However, founder and chairman Ajit Dayal and managing director I V Subramaniam will not be selling any of their shares in Quantum Advisors.
Quantum will use the investment by the Fairfax group to meet Securities and Exchange Board’s net worth requirement of INR500m for the mutual fund business.
The transaction is subject to relevant approvals from existing clients and investors and various statutory and government bodies.
Fairfax chairman and CEO Prem Watsa said: "We invested in Quantum Advisors because of its long-term value approach to investing and its focus on integrity and ethical values. With our investment, Quantum Advisors will have the necessary resources to expand its client base and further grow its operations.
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By GlobalDataQuantum Asset Management CEO Jimmy Patel said: "With the minimum net worth issue behind us, we expect a significant acceleration in the growth in the number of investors in the Quantum Mutual Funds."
