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T. Rowe Price Group has agreed to purchase a 26 percent stake in India's oldest mutual fund firm for $138 million, the Baltimore company announced Monday.
The acquisition of UTI Asset Management Co. gives Price access to $17.2 billion in assets under management as of October and 9.75 million individual and institutional investor accounts in India. Price is acquiring its stake from existing shareholders.
"We are excited about this opportunity to form a cooperative relationship with UTI, a leading investment manager with a strong reputation in India," Price CEO and President James A.C. Kennedy in a statement. "Their general investment approach and client-focused model also lends itself to a solid cultural fit between our two companies."
The acquisition of UTI Asset Management Co. gives Price access to $17.2 billion in assets under management as of October and 9.75 million individual and institutional investor accounts in India. Price is acquiring its stake from existing shareholders.
"We are excited about this opportunity to form a cooperative relationship with UTI, a leading investment manager with a strong reputation in India," Price CEO and President James A.C. Kennedy in a statement. "Their general investment approach and client-focused model also lends itself to a solid cultural fit between our two companies."
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