The fund house will be transferring scheme but is not looking at completely exiting from the Indian market.
Daiwa Mutual Fund is looking to sell its existing portfolio of schemes to potential buyers, shared an official aware with the development. The company is planning to retain the license because they do not want to exit the Indian market completely.
According to industry sources, the AMC has been contemplating exit for a year and the transaction may happen anytime soon. Among the front runners is a bank owned fund house.
The official also revealed that the AMC plans to operate in India with limited employees and will cover its operational cost through earnings from its offshore advisory business and proprietary book in Indian assets.
Daiwa Asset Management (India) Pvt Ltd is a part of the Daiwa Securities Group, which is one of the leaders in the financial services industry in Asia.
Cafemutual had reported earlier about consolidation happening in the industry- read here:
http://cafemutual.com/News/InnerNews.aspx?srno=557&MainType=New&NewsType=&id=21
