 Mumbai:
HDFC Mutual Fund, a joint venture between HDFC and Standard
Life, UK, has announced the acquisition of Zurich Asset
Management Company in India. An agreement has been signed
between the two parties in London.
The
company, however, has not disclosed the cost of acquisition
and other details. An official says Zurich AMC, which
has assets under its management to the tune of Rs 3,332
crore as on 28 February 2003, will be merged with HDFC
MF. Zurich has 70 employees in India.
Last
week, HDFC had announced that it will infuse an additional
Rs 65 crore into AMC to facilitate an acquisition. The
corporation has also decided to sell 10 per cent of its
stakes in AMC to its foreign partner.
With
the acquisition of Zurich AMC, HDFC MF will be the third-largest
mutual fund in India in terms of value of assets under
its management.
HDFC MF manages Rs 6,905 crore and the combined assets
now will be over Rs 10,000 crore.
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