HDFC Mutual acquires Zurich Asset Management Company

By Our Markets Bureau | 17 Mar 2003

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.