New Delhi: Private sector Axis Bank on Tuesday said Schroder Singapore Holding has acquired 25 percent stake in its subsidiary, Axis Asset Management Company.
The transaction provides Axis AMC access to Schroders? global distribution network and to advise overseas funds invested in Indian securities, Axis Bank said in a statement.
The bank, however, did not disclose the deal value.
Further, it enables Schroders to participate in the growth opportunity represented by the Indian mutual fund market through a strategic relationship with a leading private sector bank, it said.
Longer term, in addition to distributing Axis AMC?s funds internationally, there will be an opportunity to distribute Schroders funds in India through Axis AMC?s distribution network, it added.
Schroder Singapore Holding Private Ltd is a wholly owned subsidiary of Schroders, which is UK's largest asset management company. It has operations in 26 countries.
First Published: Tuesday, September 18, 2012, 21:12