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Updated: New York, Nov 04 08:24
London, Nov 04 13:24
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Temasek Holdings to Sell Indian Funds Management Unit (Update2)
By Pooja Thakur
Nov. 4 (Bloomberg) -- Temasek Holdings Pte, Singapore's state-owned investment company, will sell its Indian mutual fund venture to Religare Enterprises Ltd.
Lotus India Asset Management Co., a joint venture between Temasek's unit Fullerton Fund Management Group, and Sabre Capital Worldwide Inc., had assets under management of 54.58 billion rupees ($1.13 billion) as of October, according to data compiled by Bloomberg.
Religare, the brokerage founded by the former owners of Ranbaxy Laboratories Ltd., set up its own mutual fund business in January in partnership with Aegon NV, the second-biggest Dutch insurer. The money manager has said it plans to open 100 branches in the first three years of operation. Religare in March bought Hichens, Harrison & Co., London's oldest firm of stockbrokers, valuing it at 49.54 million pounds ($99.3 million).
New Delhi-based Religare will seek to further strengthen its position in asset management with the acquisition of Lotus, the company said in a statement today. It did not disclose the acquisition price.
Assets under management at India's mutual funds have dwindled 21 percent this year and the benchmark stock index is on course for its worst annual decline. Turmoil in credit markets has spurred concern the global economy may slip into a recession.
Standard Chartered Plc, the London-based bank that gets most of its profit in Asia, in March agreed to sell its Indian fund-management unit to Infrastructure Development Finance Co. for $205 million.
Sabre Capital, founded by former Standard Chartered Chief Executive Rana Talwar, and Fullerton started Lotus in July 2006 to invest in stocks and bonds. Temasek said Fullerton is an independent fund management company licensed by the Monetary Authority of Singapore.
India's $120 billion mutual fund industry, which has grown at the fastest pace after Russia and China in the last five years, has attracted overseas firms including Goldman Sachs Group Inc. and Hague-based Aegon. The asset management industry is set to grow to as much as $440 billion by 2012, driven by retail money, according to a McKinsey & Co. report in February.
Assets under management at India's 35 mutual funds stood at 4.33 trillion rupees as of October, according to data compiled by Bloomberg.
To contact the reporter on this story: Pooja Thakur in Mumbai at [email protected].
Bloomberg
Bloomberg Anywhere
Updated: New York, Nov 04 08:24
London, Nov 04 13:24
Tokyo, Nov 04 22:24
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HomeNewsMarket DataInvestment ToolsTV and Radio
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* Exclusive
* Worldwide
* Regions
* Africa
* Asia
* Australia & New Zealand
* Canada
* China
* Eastern Europe
* Europe
* France
* Germany
* India & Pakistan
* Italy
* Japan
* Latin America
* Middle East
* U.K. & Ireland
* U.S.
* Markets
* Industries
* Economy
* Politics
* Law
* Environment
* Invest
* Science
* Opinion
* Spend
* Sports
* Arts and Culture
* Editors' Video Picks
* Bloomberg Markets Magazine
* Special Report
RESOURCES
* Bloomberg TV
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* Bloomberg Press
Temasek Holdings to Sell Indian Funds Management Unit (Update2)
By Pooja Thakur
Nov. 4 (Bloomberg) -- Temasek Holdings Pte, Singapore's state-owned investment company, will sell its Indian mutual fund venture to Religare Enterprises Ltd.
Lotus India Asset Management Co., a joint venture between Temasek's unit Fullerton Fund Management Group, and Sabre Capital Worldwide Inc., had assets under management of 54.58 billion rupees ($1.13 billion) as of October, according to data compiled by Bloomberg.
Religare, the brokerage founded by the former owners of Ranbaxy Laboratories Ltd., set up its own mutual fund business in January in partnership with Aegon NV, the second-biggest Dutch insurer. The money manager has said it plans to open 100 branches in the first three years of operation. Religare in March bought Hichens, Harrison & Co., London's oldest firm of stockbrokers, valuing it at 49.54 million pounds ($99.3 million).
New Delhi-based Religare will seek to further strengthen its position in asset management with the acquisition of Lotus, the company said in a statement today. It did not disclose the acquisition price.
Assets under management at India's mutual funds have dwindled 21 percent this year and the benchmark stock index is on course for its worst annual decline. Turmoil in credit markets has spurred concern the global economy may slip into a recession.
Standard Chartered Plc, the London-based bank that gets most of its profit in Asia, in March agreed to sell its Indian fund-management unit to Infrastructure Development Finance Co. for $205 million.
Sabre Capital, founded by former Standard Chartered Chief Executive Rana Talwar, and Fullerton started Lotus in July 2006 to invest in stocks and bonds. Temasek said Fullerton is an independent fund management company licensed by the Monetary Authority of Singapore.
India's $120 billion mutual fund industry, which has grown at the fastest pace after Russia and China in the last five years, has attracted overseas firms including Goldman Sachs Group Inc. and Hague-based Aegon. The asset management industry is set to grow to as much as $440 billion by 2012, driven by retail money, according to a McKinsey & Co. report in February.
Assets under management at India's 35 mutual funds stood at 4.33 trillion rupees as of October, according to data compiled by Bloomberg.
To contact the reporter on this story: Pooja Thakur in Mumbai at [email protected].
