Birla Sun Life Asset Management Company on Thursday said it is to acquire mutual fund assets from Dutch bank ING Groep NV.
Birla Sun Life, a joint venture between Aditya Birla Group and Canada's Sun Life Financial Inc, said it will add $186 million (about Rs 1,100 crore at $1=59.1450 Indian rupees) to its average assets under management (AUM) through the acquisition of ING's funds.
The companies did not disclose the deal's value.
Over the last 18 months, ING has radically reshaped itself to comply with the terms of a 10 billion-euro state rescue, shedding investment banking operations and insurance and asset management subsidiaries in several countries.
In January, ING sold its Taiwanese asset management arm to Japan's Nomura Asset Management and in February said it will close its Middle East asset management operation.
Last year, Morgan Stanley Investment Management and Japan's Daiwa Asset Management both got out.
India's crowded asset management industry has struggled in the last few years with sustained outflows from equity funds due to volatile markets and domestic investors have withdrawn a net Rs 38,500 crore ($6.51 billion) from such funds since 2010.
Copyright @ Thomson Reuters 2014