Nikko Asset Management Co today announced plans to acquire a majority stake in the Mauritius-based offshore fund business of India's Ambit Holdings Pvt Ld. Nikko and Ambit would also launch joint venture in India to manage all dedicated India funds from both partners.

Nikko Asset Management Co Ltd and Ambit Holdings Private Limited said their new joint venture would provide investment management and advisory services.

The two will jointly manage dedicated India funds from both partners, with assets under management of $150 million at launch.

As part of the agreement, Nikko will take 50.1 per cent stake in Ambit Mauritius Investment Managers Private Limited – a company registered as a foreign institutional investor by the Securities and Exchange Board of India. The company, incorporated in Mauritius, provides investment management services in respect of Indian securities.

Nikko will buy 49 per cent of Ambit Investment Advisors Private Limited – a company incorporated in India for providing investment advisory services.

Bill Wilder, president and CIO of Nikko AM, will be appointed chairman of the board of AIA, and Andrew Holland will become its CEO and CIO. Nikko AM will assist Ambit in building out its advisory team in India.