IDFC sells 25% in MF biz to Natixis Global

Financial services group IDFC has sold 25% stake in its mutual fund business to French major Natixis Global Asset Management (NGAM) for an undisclosed amount.

Accordingly, the company said that 25% of the total issued and paid-up equity share capital of each of IDFC Asset Management Company and of IDFC AMC Trustee Company, plus one share of each of these companies have been transferred to NGAM.

The new partnership would help IDFC AMC reach international investors interested to pump money into Indian equity markets, the company said in a statement.

Besides, NGAM's presence in Asia, including Japan, Singapore, Taiwan, and China would also receive a boost though this agreement, it said.

"Joining forces with Natixis Global Asset Management is a win-win for both companies as we seek to best navigate today's highly complex marketplace.

"NGAM has as established asset management business with expansive distribution capabilities around the world and through our new partnership. IDFC AMC now has the ability to offer domestic investors access to international investment opportunities through NGAM investment products," it said.