Print this article
BoI Buys Majority Stake In Bharti Axa Investment Managers
Tara Loader Wilkinson
4 December 2011
State-run Bank of India is set to
acquire 51 per cent of Indian asset manager Bharti Axa Investment Managers from
the firm's two joint venture partners, according to local media.
BoI and
AXA Investment Managers Asia Holdings, part of the Axa
Group, have entered into a joint venture in the asset management business
carried on by Bharti AXA Investment Managers, the asset management company to
Bharti AXA Mutual Fund. In the proposed joint venture, BoI will acquire 51 per cent of
the equity and the balance will be with the AXA Group. Ernst & Young India
was the advisor to the transaction AXA Investment Managers is a
multi-expert asset management company within the AXA Group, a global leader in
financial protection and wealth management. Headquartered in France, AXA IM is one of the largest
European-based asset managers with about €514 billion ($689 billion) in assets under
management as at the end of September, 2011, stated a press release issued
jointly by BoI and AXA IM. AXA IM employs nearly 2,400 people
around the world.