Axis Bank's Axis Mutual Fund will announce equity tie-up with global fund house Schroders today, sources from the market said. The board of Axis Bank will be meeting today to consider its annual results and recommend a dividend.
The Economic Times had written on March 14 that Schroders Investment Management is in talks with Axis Bank to acquiring stake in its mutual fund arm.
Schroders Investment Management is a UK-based firm managing $ 291 billion worldwide. Schroders had applied to the Securities and Exchange Board of India (SEBI) in April 2008 to start a mutual fund business in India, but did not secure a license till last year. The Times of India too had reported that Axis Bank will consider this proposal at its board meeting today.
A number of Indian banks like State Bank of India, Bank of Baroda and Bank of India have divested equity stake in their in their mutual fund arm in favour of gloabl mutual funds.
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