Sundaram AMC buys Principal MF

Sundaram Asset Management Company, a 100 per cent subsidiary of Sundaram Finance Ltd, has acquired the asset administration companies of Principal Asset Management. However, it didn’t disclose the price of acquisition.
Sundaram will purchase the schemes managed by Principal AMC and its 100 per cent of the share capital, Principal Trustee Company and Principal Retirement Advisors Pvt Ltd. The transaction is topic to the receipt of essential regulatory approvals and Sebi-prescribed processes, and Principal will proceed to function the companies till the deal is closed, it stated in a press release.

Sunil Subramaniam, managing director, Sundaram AMC, stated, “This transaction will strengthen our presence in the marketplace with the addition of a range of schemes with a good long term performance track record across the large and mid-cap segments. This will complement our business”.