Premium4 min read . Updated: 27 Jan 2022, 01:09 AM IST Anirudh Laskar
- About 15 entities said to be in fray for deal valued at ₹10,000 cr
- An AMC with a higher proportion of equity schemes attracts better valuations as it earns higher asset management fees
MUMBAI : Vanguard Group Inc., besides local asset managers Nippon Life India Asset Management Ltd and Axis Asset Management Co. Ltd, are contenders to acquire IDFC Ltd’s mutual fund business in a deal that could be worth ₹7,000-10,000 crore, three people directly aware of the discussions said.
“Vanguard is a top contender. About 15 entities, including foreign asset management companies, financial services firms, and private equity funds, have shown interest in buying IDFC Mutual Fund. But the bidding process is still on. Once the bids are opened, IDFC will examine and shortlist the buyer,” one of the three people said.
Vanguard is one of the world’s top money managers, with $8.5 trillion in global assets as of December end. The group, founded by John Bogle, is a pioneer in low-cost investing through index funds.
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The proposed sale is in line wi
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