Sundaram Asset Management Co., a 100 per cent subsidiary of Sundaram Finance, on Thursday evening announced the purchase of the AMC business of Principal Asset Management for Rs 338.53 crore. The deal, struck at 4.5 per cent of the Rs 7,447-crore assets managed (AUM) by Principal, adds product and distribution muscle to Sundaram, which itself manages about Rs 40,000 crore across mutual funds, portfolio management services (PMS), alternate investment funds (AIFs), global funds and advisory mandates. With this transaction, Principal MF exits the India market two decades after setting up shop in 2000. Here are four key takeaways from the deal.
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