This will help Quantum Mutual Fund raise its net worth to Rs. 50 crore.
Mauritius based investment management firm HWIC Asia Fund (HWIC), an affiliate of Fairfax Financial Holdings, will pick up 49.2% stake in Quantum Advisors, the sponsor of Quantum Mutual Fund.
Jimmy Patel, CEO, Quantum Mutual Fund said that this will help the AMC raise its net worth to Rs. 50 crore. Quantum MF’s current net worth is around Rs. 33 crore.
Jimmy said that there will be no change in the brand name of the fund house.
HWIC will acquire its shares from an existing shareholder and subscribe to new shares issued by Quantum Advisors. Ajit Dayal (Founder, Quantum Advisors) and I.V. Subramaniam (MD & CIO, Quantum Advisors) will not be selling any of their shareholdings of Quantum, the release said.
“We are honored to be associated with the Fairfax as it has built an impressive track record of supporting and building global businesses in diverse fields by investing in management teams who focus on integrity and ethical values. We welcome the stability and financial support of the Fairfax group so that we can continue to focus on our research and investment processes built for the benefit of our investors,” said Ajit Dayal, Founder and Chairman of Quantum Advisors.
Quantum Advisors advises and manages India allocations for foreign portfolio investors.
Quantum Mutual Fund currently manages AUM of Rs. 612 crore as on September 2015.
