UBS Global Asset Management has acquired Standard Chartered's (StanChart) Indian mutual fund business for $120 million. The transaction is expected to be completed in the second half of 2007.According to the release issued by StanChart, following an agreement signed by the two entities, the global banking major has sold its entire stake in Standard Chartered Trustee Company and Standard Chartered Asset Management Company, investment manager and trustee respectively of its mutual fund.Together, the companies to be sold represent the mutual fund manufacturing business of StanChart in India.The transaction however, does not include StanChart's mutual fund distribution business, which the bank would continue to pursue, the release added.Its assets under management (AUM), which include debt and equity funds, stood at $3.1 billion as of yesterday."Mutual fund management is not our core business and the time has come for us to evaluate whether we are adding enough value to the business for customers," Kai Nargolwala, group executive director, Standard Chartered said.
