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Axis MF to acquire ING Investment schemes: Reports

Axis had offered to buy ING Investment Management’s schemes for Rs 20-30 crore, says report.

February 20, 2014 9:44 IST | India Infoline News Service

Report stated that Axis Mutual Fund is planning to acquire the assets of ING Investment Management.

Axis had offered to buy ING Investment Management’s schemes for Rs 20-30 crore, says report.

If the deal finalises, it will add about Rs 1,000 crore to Axis’s assets under management (AUM) of about Rs 14,700 crore, as on December 31.

There are media reports that Axis wouldn’t absorb ING’s staff as part of the acquisition.

An ING Investment spokesperson said the group was in the process of divesting its insurance and investment management businesses.

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