Edelweiss Asset Management announced on that it had agreed to acquire the onshore fund schemes managed by JPMorgan Asset Management India (JPMAM), including its India-based onshore mutual fund business and the international fund of funds. The buyout is subject to regulatory approvals.

• JPMorgan is the seventh global financial services firm to exit the Indian mutual fund (MF) sector in the past three years.
• Last year, Goldman Sachs sold its MF business to Reliance Capital for Rs 243 crore in a deal valued at 3.4 per cent of the former’s Indian assets under management (AUM).
• Deutsche MF sold its business to DHFL Pramerica reportedly for Rs 400 crore (or two per cent of the German entity’s Indian fund management arm’s assets).
• The AUM of JPMAM is Rs 7,081 crore, while that of combined entities amounts to Rs 8,757 crore as on December 31.
• Edelweiss Asset Management, which has long been among the bottom 10 fund houses in terms of assets managed, now stands to enter the top 20 club.
• According to experts, Edelweiss will get about Rs 1,500-2,000 crore of equity assets of JPMorgan.
• Earlier this month, Tata Mutual Fund was reportedly in the race for buying the fund’s assets at one per cent of JPMAM’s AUM.
• Edelweiss is one of India’s leading diversified investment destinations, which helps to trade in stock market and make investments across multiple asset classes like Equity, F&O, Currency Derivatives, Mutual Funds and Fixed Income products.