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According to media reports, ING was negotiating to value the deal at 5-7 percent of its AUM, but some experts believe that the deal would close much lower given that majority of ING's assets are fixed income, which usually fetch lower valuations. Industry sources indicate that the deal has been sealed below this range.
Birla Sun Life Mutual Fund has acquired all mutual fund schemes and portfolio management accounts of ING Investment Management (India) Private Limited worth Rs 1,100 crores.
According to media reports, ING was negotiating to value the deal at 5-7 percent of its AUM, but some experts believe that the deal would close much lower given that majority of ING's assets are fixed income, which usually fetch lower valuations. Industry sources indicate that the deal has been sealed below this range.
ING has joined the fray of foreign fund houses exiting domestic market. Earlier, US-based Fidelity and Morgan Stanley offloaded assets to L&T MF and HDFC MF respectively. For the past few years, the Indian mutual fund industry has been grappling with major issue of lack of participation by investors and weak stock market performance in recent years.
Ajay Srinivasan, Chief Executive – Financial Services, Aditya Birla Group said, "Birla Sun Life Mutual Fund manages assets over Rs one lakh crores today. Committed to help grow the mutual fund industry and increase outreach, we have bought over the schemes and are committed to providing our top quality products and services to over 75,000 customers of ING Investment Management India. This acquisition adds average assets of Rs 1,100 crores to our AUM."
As on 31 March, 2014 ING Investment Management's assets under management stood at Rs 563 crore in its domestic mutual fund business. Birla Sun Life is India's fourth largest asset management company. The investment manager of Birla Sun Life Mutual Fund, is a joint venture between the Aditya Birla Group and the Sun Life Financial Inc. of Canada.
Speaking on the development, A. Balasubramanian, CEO, Birla Sun Life Asset Management Company Limited said, "We found a strategic fit in the acquisition of schemes of ING Investment Management India. Beyond AUM, this adds to our existing investor base and we see an opportunity to increase the penetration. We welcome ING customers."
"While we remain committed to building retail penetration for mutual funds, the acquisition also helps enhance our alternate assets with new offerings in Portfolio Management Services adding to our HNI investor base", added A. Balasubramanian.
L&T Mutual Fund, Axis Mutual Fund and BNP Paribas were among the other big names in the fray who were eyeing the Indian assets of this Dutch financial services company.
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