Schroder Singapore acquires 25% stake in Axis AMC

Axis Bank, however, did not disclose the deal value

Private sector Axis Bank today said Schroder Singapore Holding has acquired 25% stake in its subsidiary, Axis Asset Management Company.

The transaction provides Axis AMC access to Schroder's global distribution network and to advise overseas funds invested in Indian securities, Axis Bank said in a statement.

The bank, however, did not disclose the deal value.

Further, it enables Schroders to participate in the growth opportunity represented by the Indian mutual fund market through a strategic relationship with a leading private sector bank, it said.

Longer term, in addition to distributing Axis AMC's funds internationally, there will be an opportunity to distribute Schroder's funds in India through Axis AMC's distribution network, it added.

Schroder Singapore Holding Private Ltd is a wholly owned subsidiary of Schroders, which is UK's largest asset management company. It has operations in 26 countries.