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Natixis Global Asset Management Asia Pte Ltd, a subsidiary of BPCE, the second largest banking group in France, has picked up a 25 per cent stake in IDFC Asset Management Company that runs the IDFC Mutual Fund.
In a communication to the stock exchanges, Infrastructure Development Finance Company Ltd (IDFC) said that 25 per cent of the total issued and paid-up share capital of each of IDFC Asset Management Company Ltd and IDFC AMC Trustee Company Ltd, plus one equity share of each of these companies, have been transferred to NGAM.
The transaction was completed on December 8 and has received all regulatory approvals. But no details of the financial transaction involved were given.
The statement said the partnership would enable Natixis Global to expand its footprint in Asia where it is already present in countries like Japan, Taiwan, Singapore and China. It also provided an opportunity for IDFC AMC to attract international investors keen to invest in Indian equity market.
IDFC AMC has assets under management (AUM) of Rs 28,908 crore ($5.6 billion) as of September 30, 2011. Natixis Global, headquartered in Paris and Boston, has AUM of $705 billion as of September 30, 2011.
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