Standard Chartered Plc, the London- based bank that gets most of its profit in Asia, agreed to sell its Indian fund-management unit to Infrastructure Development Finance Company(IDFC) for $205 million.
Based in Mumbai and best-known as Infrastructure Development Finance Company(IDFC), the buyer finances roads, ports and utilities in India. It will pay cash for the unit and plans to complete the purchase in the second quarter pending regulatory approval, Standard Chartered said in statement on march 7,2008.
"Standard Chartered will remain a distributor of asset- management products in India" Asia head Jaspal Bindra said in the statement."India is a key market"
IDFC's acquisition marks its first move into large-scale wealth management. IDFC will compete with Reliance Capital Asset Management Ltd., the biggest fund manager in India, and overseas managers including Franklin Resources Inc. and Fidelity International Ltd.
IDFC acquires StanChart's Indian asset management arm for $205mn
Posted by Unknown at 12:12 PM
Labels: IDFC acquires StanChart AMC, IDFC stock view, IDFC will compete with Reliance capital
Subscribe to:
Post Comments (Atom)
2 comments:
Franklin Resources (BEN) turned $1,000 into $1,000,000 during the 18 years of the great U.S. bull market of the '80's and '90's. I know which asset manager I'll be investing in.
Dear Visitors,
This Blog is really nice and informative. We are pleased to know this
blog is really helping people. Its our pleasure to post informative
content on this useful blog created by webmaster.
As we all know
Indian
stock market is guided by global market now days and most of the
investors are still trapped in market due to recent fall.
They were unaware about past correction. However still they are holding
lot many scripts in there portfolio and we feel they would like to
know the future prospect of those shares.
In order to facilitate all traders and investors we are coming up with
new stock market section in which all investors and traders will come
and post there queries, suggestions and we will post reply too and
moderate it aswell.
We feel it will give good information and boost to the sentiments of
investors and traders as they can extract relevant information from
our
site.
One more good news we are also coming up with Live
href="http://sharetipsinfo.com" title="stock market commentary"> stock
market
commentary . You can stay online on the site for latest updates.
We assure you it will be very useful for everyone. As we will take
care
of all investors and traders.
Please feel free to contact us for any query.
Have a Nice trading days ahead.
Regards
SHARETIPSINFO TEAM
9891655316
9899056796
9891890425
NOTE – Please note we have not posted this article for our promotional
purpose. We have posted it in this blog just to let people know that
we
are here to guide them and they can get useful information on our
site. Which can answer there many queries.
Still if you feel we have offended your blogs policies then we are
sorry for it and inform us we will take care in future.
Post a Comment