The deal was made at the end of April and, subject to regulatory approval, is expected to complete during this year, although a more precise timescale was not offered by either party.
Axis AMC was founded in 2009 and has assets under management of about $2.3bn. Schroders said, together with Axis Bank, its objective is to build over time one of the leading asset management companies in India. The company added, in addition it will distribute Axis AMC’s funds internationally and will have “exclusive access to [Axis AMC’s] network for the distribution of Schroders’ funds in India”.
Michael Dobson, Chief Executive of Schroders said: “We are delighted to enter a long-term partnership with Axis Bank with the objective of building a leading Indian asset management business.
“This enables us to participate in the growth opportunity represented by the Indian mutual fund market through a strategic relationship with a leading private sector bank.”
