January 29, 2021 3:07:00 am
Sundaram Asset Management Company, a 100 per cent subsidiary of Sundaram Finance Ltd, has acquired the asset management businesses of Principal Asset Management. However, it did not disclose the cost of acquisition.
Sundaram will acquire the schemes managed by Principal AMC and its 100 per cent of the share capital, Principal Trustee Company and Principal Retirement Advisors Pvt Ltd. The transaction is subject to the receipt of necessary regulatory approvals and Sebi-prescribed processes, and Principal will continue to operate the businesses until the deal is closed, it said in a statement.
Sunil Subramaniam, managing director, Sundaram AMC, said, “This transaction will strengthen our presence in the marketplace with the addition of a range of schemes with a good long term performance track record across the large and mid-cap segments. This will complement our business”.
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