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Sundaram Asset Management Co gets Sebi nod for acquisition of Principal AMC in India
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January 28, 2021
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Sundaram Asset Management Company, a wholly owned subsidiary of Sundaram Finance, has acquired Principal Asset Management business in India for ₹338.53 crore. Principal Asset Management has assets under management of ₹7,447 crore as of December-end with about 90 per cent of this in equity-oriented schemes.
As part of the deal, Sundaram AMC will buy out the entire 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.
Sunil Subramaniam, Managing Director, Sundaram Asset Management Company, said the transaction will strengthen Sundaram MF presence in the market place with the addition of a range of schemes with a good long term performance track record across the large and mid-cap segments.
Sundaram Asset Management Company (Sundaram), a 100 per cent subsidiary of Sundaram Finance Ltd, has announced the purchase of the core businesses of Principal Asset Management Pvt Ltd. Value of the transaction is around Rs 338.53 crore. Sundaram will acquire the schemes managed by Principal Asset Management Pvt Ltd and acquire 100 per cent of its share capital, along with that of Principal Trustee Company Pvt Limited, 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. Sundaram is a leading player in the fund management space with a 25-year track record. It has over Rs 40,000 crore in assets under management, the majority of which are in equity-oriented schemes.