Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
29 April, 2017 08:58 IST
Edelweiss Group to acquire Ambit Alpha Fund
Source: IRIS | 22 Sep, 2016, 09.44AM
Comments  |  Post Comment

Edelweiss and Ambit announced today that an Edelweiss group entity has agreed to acquire Ambit Alpha Fund, a category III Alternate Investment Fund with an AUM of over Rs 11 billion, and will be its new investment manager. The transaction is subject to due diligence and requisite regulatory approvals.

Rashesh Shah, chairman & CEO, Edelweiss Group said, ''We are seeing the financial savings of Indian investors shifting from hard assets like gold and real estate to financial instruments. This movement presents exciting opportunities in the rapidly growing asset management space. Ambit Alpha Fund is one of the market leading Alternate Investment Funds in the country and allows us to consolidate our market position in this business.''

This is the second asset management acquisition of Edelweiss Group in the recent past, having taken over JP Morgan's onshore mutual fund schemes a few months ago. The acquisition will further strengthen Edelweiss Group's Rs 350 billion Global Assets Management (GAM) business which includes the Group’s existing mutual funds, alternative assets management, multi strategy funds and assetreconstruction. This business has seen an over 40% growth over the last year.

Venkat Ramaswamy, executive director and co-head, Edelweiss Global Asset Management further said, ''Ambit Alpha Fund is complementary to our bouquet of offerings in the alternative investment fund business. Forefront (Edelweiss Multi Strategy Funds) that we acquired in 2014 has since grown over 10x, and has one of the best performing funds in this category.''

Shares of the company gained Rs 1.35, or 1.11%, to trade at  Rs 122.80.  The total volume of shares traded  was  177,064 at the BSE (9.31 a.m., Thursday).



Edelweiss Financial Services Limited   (Q,N,C,F)*

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Company Update
Lupin receives USFDA approval for generic Benicar tablets - 28-Apr-2017 15:15
BHEL commissions 3 MW solar photovoltaic power plant - 28-Apr-2017 13:25
Reliance Capital Jan-Mar profit flat at Rs 4.17 bn - 28-Apr-2017 11:05
ICICI Bank opens new branch at Sanwer road in Indore - 28-Apr-2017 10:11
Kotak Bank to acquire entire 26% of Old Mutual's JV for Rs 12.93 bn - 28-Apr-2017 10:07
Kotak Mahindra Bank Q4 net jumps 40%; NII up 16% - 27-Apr-2017 16:39
TVS Motor Company quarterly profit falls 7% - 27-Apr-2017 16:22
Tata Motors signs contract with Defence Ministry for supply of 3,192 vehicles - 27-Apr-2017 16:18
Maruti Suzuki India quarterly earnings up 16% - 27-Apr-2017 16:08
R-Cap's insurance arm's FY17 profit before tax jumps 32% - 27-Apr-2017 12:40
National Green Tribunal orders Jubilant's 13 units to cease ops - 27-Apr-2017 11:16
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer