As per the fresh business reports, Bank of India (BoI) has announced in a press release that it has acquired around 51 percent of stake in Bharti AXA Mutual Fund.
However, no information was disclosed about the amount of acquisition.
Reports state that BoI and AXA Investment Managers Asia Holdings Pvt. Ltd. (a secondary branch of AXA Investment Managers, part of the AXA Group) have decided to start a partnership in the asset management business run by Bharti Axa Investment Managers Pvt. Ltd. (BAIM), which is the asset management corporation to Bharti AXA Mutual Fund.
Under the newly developed joint venture, BoI will gain 51 percent of the total equity and the left 49 percent will be gained by the AXA Group.
On the other hand, Ernst & Young India was the advisor to the transaction. AXA Investment Managers (AXA IM) is a multi-expert asset management firm within the AXA Group, a international operator in financial protection and wealth management.
Further, the base station of the company is situated in France; AXA IM is one of the major European-located asset managers with about € 514 billion in assets under management as at the end of September, 2011.
The above declaration was made by a press release issued jointly by BoI and AXA IM.
AXA IM employs nearly 2,400 people around the world.