INDIA - BNP Paribas Asset Management will buy a 49.9% stake in Sundaram Asset Management Company Limited, it was announced today.
The venture will see the e520m company, a subsidiary of Sundaram Finance Ltd, renamed Sundaram BNP Paribas Asset Management Company Limited.
BNP PAM chairman Gilles Glicenstein said the announcement formed part of the company’s strategy to increase its presence in emerging markets.
We believe that the Indian market is one of the most exciting and rapidly developing markets in the world; it has already shown substantial growth and has potential for much more,” he said.
“With this partnership we strengthen our presence in new markets, where we currently manage e15bn.”
The transaction is expected to be completed in the first quarter of 2006, subject to relevant regulatory approvals.
This week's edition of Professional Pensions is out now.
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Companies which have tried to dodge their pension duties by changing their identities are being "hunted" by The Pensions Regulator (TPR) in a crackdown on non-compliance with auto-enrolment (AE).
Removing liquidity restrictions would enable DC funds to capitalise on the potentially higher and safer returns that DB schemes have benefitted from, says Patrick Marshall.