IDFC Asset Management Company has sold 25 per cent of its stake to Natixis Global Asset Management (NGAM) to enhance its distribution business, said a statement from the fund house.
The financial details of the deal were not disclosed, but sources close to the deal say that the deal is worth around Rs 300 crore.
This partnership would help IDFC AMC enhance its international distribution and gain access to global investors who are keen to invest in Indian equity markets, said the statement.
This would also help IDFC AMC provide international investment platforms to Indian investors.
As on September 30, 2010, NGAM had $719 billion (Rs 32 lakh crore) worth of assets under management.
NGAM has a presence in Asia, including Japan, Taiwan, Singapore and China.
Source: http://www.thehindubusinessline.com/2010/12/19/stories/2010121951520200.htm
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