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Time of India

Sanlam invests Rs 105 cr for 23% stake in Shriram Group's asset management arm

Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel South Africa's Sanlam has invested Rs 105 crore for a 23 per cent stake in Shriram Group 's asset management arm. The transaction marks the entry of Sanlam, an asset manager having over USD 80 billion under management, into the Indian market. It has an over 2-decade partnership with the Chennai-based diversified financial services the investment, Sanlam becomes a co-promoter in Shriram Asset Management Company (AMC) with ShriramCredit Company, a statement overall promoter stake in the listed company will increase to 71.17 per cent from the 62.55 per cent currently, it Emerging Markets (Mauritius) was allotted 38.89 lakh shares in a preferential allotment, the statement can be noted that the Indian AMC space has been attracting a slew of global players, and Blackrock was among the last major investors to enter the fray through a tie-up with Jio Financial Services . The last few years have seen a steady increase in the Indian AMCs' capital raised from Sanlam will be utilised for expanding offerings and attracting talent, the Shriram Group statement said."Leveraging its expertise in both quantitative and fundamental analysis, Sanlam will enhance the sophistication of Shriram AMC's investment processes and help deliver relevant and differentiated investment solutions to the right customer segments," Shriram AMC's managing director and chief executive Kartik Jain termed the fund infusion a "strong endorsement" of the company's "quantamental approach" that fuses data science with fundamental AMC's board will be reconstituted to include Sanlam's representatives, it Investments' chief executive Carl Roothman said India is a strategic growth market for the group, and added that this partnership builds on a long-standing legacy of trust, and a mutual vision to create impactful AMC had previously received funding from Mission1 Investments LLC in 2022 for a 23 per cent stake.