HDFC Asset Management acquired Zurich Asset Management Company today in an agreement signed in London.
Deepak Parekh, chairman of the Housing Development Finance Corporation (HDFC), the HDFC mutual fund and HDFC Bank, and Milind Barve, managing director of HDFC Asset Management Company, signed the agreement with Warwick Churche, chief financial officer of Zurich (Asia-Pacific) and chief executive officer (India).
Barve, speaking from London, said it would take six weeks for the transaction to be completed, including obtaining regulatory approvals. Not divulging the price, he said,
