Bank of Baroda purchased the 51% stake held by foreign partner Pioneer Investments in their joint venture asset management company in a transaction aimed at complying with regulatory requirements.
Financial terms of the deal, which made the state-run bank the sole owner of Baroda Pioneer Asset Management Company, weren’t immediately known.
An ownership shuffle for Baroda Pioneer was inevitable after French asset manager Amundi purchased Pioneer Investments. Amundi already has a stake in SBI Mutual Fund and the local rule of one-sponsor, one-fund allows a foreign asset manager to hold a stake in only one fund house.
