Amundi with its joint venture partner, State Bank of India announce their ambition to develop their joint business both in the Indian domestic asset management market and offer access to Indian opportunities for global investors.
State Bank of India Funds Management (SBI FM), investment manager for SBI Mutual Funds (SBI MF) was created in 1987 by State Bank of India (SBI), India’s largest bank, which sold a 37% stake to Société Générale Asset Management (SGAM) in 2004. In 2011, the stake was transferred to Amundi following its creation in 2010[1]. The joint venture brings together SBI’s experience in the Indian market and Amundi’s global expertise in asset management. Today, SBI MF is the 5th largest Fund house in Mutual fund Assets, SBI FM manages over EUR 27bn in assets under management cross mutual funds, advisory and segregated mandates. SBI MF services 5.1 million customers including retail, corporate & institutional investors in India. SBI FM is also a leading provider of investment management expertise to global clients for their portfolios in Indian Securities.
New shared ambitions for development
India is emerging as one of the fastest growing Asian economies with an estimated 7% GDP growth, with growth outlook for the local asset management business. The growth of the economy also provides investment opportunities for global investors to enhance their portfolio performance.
Amundi and SBI have a new shared ambition for their joint venture partner SBI FM. With 30 years of investment management expertise in Indian markets, SBI and Amundi now seek to expand its horizon of offering their investment management capabilities to international investors by leveraging Amundi’s Investment Management, Marketing and Distribution Platforms.
As a first step, Amundi has recently co-branded two Indian equity sub-funds of its Luxembourg Sicav Amundi Funds with SBI FM acting as investment advisor to both funds. Going forward and in order to further foster access to Indian investment opportunities, the objective is to make SBI FM an investment hub covering all asset classes and reinforce joint activities for both retail and Institutional clients, in Europe, Asia and Middle East.
Regarding the development of the local JV, the objective is to continue to develop retail sales through the SBI branch network and distrubution partners with a renewed product offering in the distribution business using digital sales and marketing tools. On the institutional side, enhanced investment solutions are being rolled out with, for example, further development of its ETF range, in which SBI FM is the leading domestic provider.
- Amundi was created in 2010 following the merger between Société Générale Asset Management and Crédit Agricole Asset Management
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