Sundaram Asset Management Company Limited has acquired the asset management businesses of Principal Asset Management Pvt. Ltd.
The transaction is subject to regulatory approval and SEBI prescribed processes, and Principal will continue to operate the businesses until the deal is closed.
Sundaram manages assets worth Rs 40,000 crore, majority of which is in equity oriented schemes. Principal Asset Management has assets under management of Rs 7,447 crore as on December 31, 2020 with about 90% of this in equity-oriented schemes.
