Newsroom
Amundi and its JV partner State Bank of India accelerate their development
London, United Kingdom, July 17, 2017
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.
Mr. Dinesh Kumar Khara, Managing Director (Associates & Subsidiary), State Bank of India comments,” SBI along with our partner Amundi has a shared vision of making SBI FM, one of the leading providers of investment solutions to retail & institutional clients. We have a renewed focus on taking our India investment management expertise to global investors by leveraging on Amundi’s Investment, marketing and distribution platforms. Co-branding of two Indian equity sub-funds is a first step in this process. We look forward to making SBI MF into a global leader in India investment solutions for global clients”.
Fathi Jerfel, Global Head of Retail Division of Amundi comments, “Amundi is pleased to build on our relationship with SBI FM to bring quality investment opportunities to both retail and professional investors. Together we aim to contribute our global expertise and operational infrastructure to help provide simple but well adapted innovative solutions to one of the fastest growing markets in the world.”
[1] Amundi was created in 2010 following the merger between Société Générale Asset Management and Crédit Agricole Asset Management
About Amundi
About Amundi
Amundi, the leading European asset manager, ranking among the top 10 global players[1], offers its 100 million clients - retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €2.2 trillion of assets[2].
With its six international investment hubs[3], financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.
Amundi clients benefit from the expertise and advice of 5,700 employees in 35 countries.
Amundi, a trusted partner, working every day in the interest of its clients and society.
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