Tata Asset Management Ltd is in talks to sell 26-49% in its mutual fund business to a foreign strategic partner, said two people familiar with the plan.
The Tata group company has held discussions with some of the world’s largest fund managers, including US-based Vanguard Group and Germany’s Allianz SE, the people said, requesting anonymity.
“The plan is to globalize the asset management business by getting a strategic partner, which will hold at least 26% stake in Tata AMC. The talks with potential foreign partners for the mutual fund venture happened recently and things are yet to be formalized,” said one of the two people.
