Sundaram AMC to acquire Principal Asset Management’s core businesses

By: |
January 29, 2021 2:00 AM

Sundaram will acquire the schemes managed by Principal Asset Management and acquire 100% of the share capital of Principal Asset Management,Principal Trustee Company, and Principal Retirement Advisors.

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.

Sundaram Asset Management Company, a 100% subsidiary of Sundaram Finance has announced the purchase of the asset management businesses of Principal Asset Management, for an undisclosed sum.

Sundaram will acquire the schemes managed by Principal Asset Management and acquire 100% of the share capital of Principal Asset Management,Principal Trustee Company, and Principal Retirement Advisors.

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.

Sundaram is a significant player in the fund management space with a 25-year track record. Sundaram has over Rs 40,000 crore in assets under management, the majority of which is in equity oriented schemes. Principal Asset Management has assets under management worth Rs 7,447 crore as on December 31, 2020 with about 90% of this in equity-oriented schemes.

Commenting on the acquisition, Sunil Subramaniam, MD, Sundaram Asset Management Company 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 which has traditionally been weighted towards the mid-and small-cap segment .

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1CSB Bank reports highest-ever net profit of Rs 218.40 crore for FY21
2Bandhan Bank Q4 profit falls 80% to Rs 103.03 crore on higher provisions
3DCB Bank profit rises 13pc to Rs 78 cr in January-March