Edelweiss Asset Management has agreed to buy JPMorgan’s mutual fund business in India, which has assets worth over INR70bn.
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As part of the agreement, Edelweiss will acquire all onshore fund schemes managed by JP Morgan Asset Management India including its country-based onshore mutual fund business and the international fund of funds.
Financial terms of the deal, which is subject to regulatory approvals, have not been disclosed.
Following the acquisition, the assets under management (AUM) of the combined entity will be INR87bn.
Additionally, Edelweiss will also take over the majority of employees of JP Morgan including the management team ensuring business continuity, as well as a platform for enhanced growth.
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By GlobalDataThe acquisition will further expand Edelweiss Group’s global asset management businesses, which includes mutual fund business, credit alternative funds, offshore funds and equity funds.
JPMorgan will continue to offer investment strategies through its offshore India equity investment business in Hong Kong as well as operate its global real assets investment business in India.
Edelweiss Group chairman and CEO Rashesh Shah said: "Given the complementary business advantages and the significant business that JP Morgan Mutual Fund has built, this acquisition is a natural win for both Edelweiss and JP Morgan.
"There will be planned investments into the business in terms of products, technology, distribution and a clear strategy to compound growth."
Edelweiss Asset Management CEO Vikaas Sachdeva said: "We are sure this acquisition will give further impetus to Edelweiss and move it to the next level of growth."
