Birla Sun Life Mutual Fund is in the final stages of acquiring the assets of ING Investment Management in India, according to reliable information. A formal announcement is expected shortly, sources added. The exact deal size could not be immediately ascertained. The deal is part of ING’s strategy of exiting its asset management and insurance businesses in Asia.

 Birla Sun Life Mutual Fund would take over all the schemes of ING’s asset management business, an official at the Aditya Birla group company said, refusing to be identified. Once finalised, the deal would add about ₹564 crore to Birla Sun Life’s assets under management (AUM).

Birla Sun Life Asset Management’s AUM stood at ₹89,051 crore as on March 31, according to data from the Association of Mutual Funds of India. 

L&T Mutual Fund, Axis Mutual Fund, BNP Paribas Mutual, and Pramerica Mutual were said to be in the race to buy ING’s assets.

 The 50-odd employees at the company in India would not be taken over by Birla Sun Life Mutual, sources said, though this could not be independently verified. A spokesperson for ING Investment Management did not respond to a Business Line questionnaire.

 According to news reports, ING owns 47.25 per cent in ING Investment Management, while Raheja’s Hathway Investments and Kirti Equities hold 39.75 per cent and 13 per cent, respectively. It could not be ascertained if Hathway Investments and Kirti Equities too would sell out to Birla Sun Life. 

 If the deal is finalised, it would be the third in the mutual fund industry in the last few months.

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