Birla Sun Life MF to acquire ING Investment's India assets

Birla Sun Life Mutual Fund, a part of Aditya Birla Financial Services Group, on Thursday said it will acquire the assets of ING Investment Management India for an undisclosed sum.

This would mark yet another exit by a foreign fund house from the domestic market.

"Birla Sun Life AMC will acquire all MF schemes and portfolio management accounts of ING Investment Management India subject to applicable regulatory and other approvals," a release from Birla Sun Life MF said.

Earlier, US-based Fidelity and Morgan Stanley had exited the domestic market after selling assets to L&T MF and HDFC MF respectively.

As per data available with Amfi, ING Investment Management had average assets under management of Rs 563.82 crore by the end of last financial year.

"Birla Sun Life MF is one of the key businesses for Aditya Birla Financial Services Group. As of today it manages assets over Rs 1 trillion supported by its strong investment performance....This acquisition adds average assets of Rs 1,100 crore to our AUM," chief executive for financial services at Aditya Birla Group Ajay Srinivasan said.

Chief Executive of Birla Sun Life MF A Balasubramanian said beyond AUM this acquisition would add to the existing investor base with increased penetration.

"While we remain committed to building retail penetration for mutual funds, the acquisition also helps enhance our alternate assets with new offerings in portfolio management services adding to our HNI investor base," he added.