The Hindu Business Line : Bharti, AXA join hands for asset management biz

New Delhi, Sept. 4 Bharti Enterprises, AXA Investment Managers (AXA IM) and AXA Asia Pacific Holdings (AXA APH) today announced a joint venture to establish an asset management company in India. The details of the joint venture were not revealed.

The joint venture will look to leverage the global investment expertise of AXA IM and the marketing and distribution capability of AXA APH. Bharti, on the other hand, brings understanding and insights on the Indian retail market, together with its retail and corporate customer base and brand reputation. Bharti and AXA already have a joint venture for insurance products.

Commenting on this announcement, Mr Sunil Bharti Mittal, Chairman & Group CEO of Bharti Enterprises, said: “We are delighted to strengthen our relationship with AXA and partner them in the asset management business. “With strong economic fundamentals, mature stock markets and growing disposable incomes, the India growth story is very strong. With our product portfolio from insurance to asset management, we are confident of becoming a leading player in the Indian financial services sector.”

Mr Dominique Carrel-Billiard, Chief Executive of AXA IM, added: “This joint venture, when combined with our joint venture in China and developments in other parts of Asia-Pacific, demonstrates AXA IM’s ambitions for the region, and is further proof of our continued global expansion.

“Bharti is one of India’s leading and fastest growing companies, and as a successful partner to AXA APH both in the life insurance and general insurance business in India, is the ideal Indian company to partner AXA IM and AXA APH.”

The three shareholders also announced the appointment of Mr Sandeep Dasgupta as CEO of the new venture. He joins from Deutsche Asset Management (India) where he has been CEO since 2001.

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