IDFC MF to gain from the global reach of Natixis Global Asset Management of France
Mumbai: Paris-based Natixis Global Asset Management (NGAM) will buy a 25 per cent stake in the IDFC Mutual Fund. The price at which Natixis will buy the stake was not disclosed.
The partnership will give IDFC MF an opportunity to boost its international distribution and gain access to global investors who are keen to participate in India’s growth and invest in Indian equity markets. NGAM has presence in Asia, including Japan, Taiwan, Singapore and China.
“Natixis Global Asset Management has an established asset management business with a strong global footprint and distribution capabilities. We look forward to a long and mutually beneficial partnership” said Rajiv Lall, Managing Director and CEO of IDFC, said in a statement.
IDFC Mutual Fund had assets under management (AUM) of Rs 19,946 crore at the end of September 2010. Natixis Global Asset Management’s AUM totalled $719 billion as of September 30, 2010.
Pierre Servant, CEO of NGAM said, “We believe that our broad range of offerings is well suited for this marketplace with its growing middle class. This also provides us with another opportunity to expand our business in Asia and is a major milestone towards our goal of having a more diversified global business.”
