Sundaram Asset Management Company said that it has received the regulatory approval from SEBI to acquire the asset management business of Principal Asset Management (Principal India).
In a tweet today, Sundaram Mutual, the fully owned subsidiary of Sundaram Finance, said: "Happy to share that we've received SEBI approval for the acquisition of Principal Asset Management Pvt Ltd."
In January this year, Sundaram Asset Management Company (Sundaram AMC) had announced the purchase of the asset management businesses of Principal Financial Group in India.
Sundaram AMC will acquire 100% of the share capital of Principal Asset Management, Principal Trustee Company, and Principal Retirement Advisors. The schemes managed by Principal Asset Management will be acquired by Sundaram.
"This acquisition is a natural step in our aspiration to become a sizeable player in the asset management industry. The combined business of both the entities will achieve an aspirational landmark of Rs 50,000 crore. We will be able to leverage the combined platform to derive significant synergies," Harsha Viji, executive vice chairman, Sundaram Finance had said.
"We look forward to complementing our existing equities fund management talent with the addition of the team from Principal India. We endeavour to retain and absorb Principal India's distribution franchise with minimal disruption to their commercial terms. The existence of the same back-office service provider (RTA) is expected to smoothen the transition for existing customers and distributors," Sunil Subramaniam, managing director, Sundaram AMC, reportedly said.
In April 2021, the Competition Commission of India (CCI) had approved the proposed combination relating to acquisition of Principal Asset Management, Principal Trustee Company and Principal Retirement Advisors by Sundaram Asset Management Company.
Sundaram Asset Management Company, directly and through its subsidiaries, manages assets across mutual funds, portfolio management services, alternate investment funds and global funds and advisory mandates.
Sundaram Finance (SFL), the flagship company of the T. S. Santhanam arm of the TVS Group, is one of the large NBFCs in the country. Its primary focus is on the financing of commercial vehicles and cars. SFL has invested in various entities to provide a gamut of financial services like housing finance (Sundaram Home Finance), insurance (Royal Sundaram) and mutual funds (Sundaram AMC).
SFL reported 8.5% fall in consolidated net profit to Rs 259.04 crore on a 0.5% decline in total income to Rs 1,298.99 crore in Q2 FY22 over Q2 FY21.
The SFL scrip shed 0.64% to end at Rs 2410.30 on the BSE yesterday.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
Sundaram AMC gets SEBI nod to acquire Principal AMC India - Business Standard
Read More
Tidak ada komentar:
Posting Komentar