Asset management firm IDFC today said French company Natixis Global Asset Management (NGAM) has picked up 25 per cent stake in the Indian fund house for an undisclosed amount.
The new partnership further strengthens NGAM's global business, which currently features a significant presence in Asia, including Japan, Taiwan, Singapore and China.
The agreement also offers IDFC AMC the opportunity to reach international investors who are interested in participating in India's growth and investing in domestic equity markets, the mutual fund firm said in a statement.
"This agreement is a significant step in our goal to diversify our business globally and strengthen our presence in Asia. Joining IDFC AMC allows us to expand our expertise range and extend our reach here," NGAM Chief Executive Pierre Servant said.
NGAM is part of Natixis, the corporate investment and financial services arm of BPCE, the second-largest banking group in France with 22 per cent of total bank deposits. NGAM manages about USD 705 billion worth assets as of September and is among the largest money managers in the world.
"Joining forces with NGAM is a win-win for both companies as we seek to best navigate today's highly complex marketplace," IDFC Managing Director and Chief Executive Rajiv Lall said.
IDFC AMC managed Rs 28,908 crore assets as on September 30.
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