Home >Market >Stock-market-news >Birla Sun Life AMC to buy ING Investment assets

Mumbai: Birla Sun Life Asset Management Co. Ltd on Thursday announced that it will be acquiring all mutual fund schemes and portfolio management accounts of ING Investment Management (India) Pvt. Ltd.

Birla Sun Life AMC has about Rs1 trillion worth of assets under management (AUM). The acquisition will add another Rs1,100 crore to the firm’s AUM, the company said in a press release. It will further allow Birla Sun Life AMC to gain high net worth clients.

Commenting on the development, A. Balasubramanian, chief executive of Birla Sun Life AMC, said: “Beyond AUM, this adds to our existing investor base and we see an opportunity to increase the penetration. While we remain committed to building retail penetration for mutual funds, the acquisition also helps enhance our alternate assets with new offerings in portfolio management services adding to our HNI (high net worth individual) investor base."

An arm of the Aditya Birla Financial Services Group, Birla Sun Life AMC will bring 75,000 new customers under its fold through the transaction, said Ajay Srinivasan, chief executive of Aditya Birla Financial Services.

ING’s decision to sell assets is in line with the firm’s Asia exit strategy. In January 2013, the Dutch banking and insurance group sold its 26% stake in Vysya Life Insurance to Exide Industries.

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