Financial Daily from THE HINDU group of publications
Friday, Aug 30, 2002
Financial Daily from THE HINDU group of publications Friday, Aug 30, 2002 |
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Mergers & Acquisitions Markets - Asset Management Companies DSP Merrill consolidating its holding in AMC Our Bureau
MUMBAI, Aug. 29 DSP Merrill Lynch (DSPML) is consolidating its holding in its asset management company, DSP Merrill Lynch Investment Managers Ltd (DSPMLIM), by buying the 40 per cent stake of Merrill Lynch Investment Managers (MLIM). DSPML holds the rest of the stake. According to a company release here, the sale would bring DSPML's stake to near 100 per cent. The transfer of holding is "an attempt to simplify the company's management structure and streamline Merrill Lynch's investments in India," it said. Merrill Lynch has been cutting its exposures to emerging markets as part of its global strategy to streamline its business and reduce costs. The company has also exited some of its businesses in the Asian region. DSPMLIM manages assets of about Rs 2,000 crore under seven mutual fund schemes. The release quoted Mr Hemendra Kothari, Chairman, DSPML, as saying, "with this we expect to initiate fresh focus in funds management in India..." Mr Check Low, Chairman, Merrill Lynch, Asia Pacific and Director-to-be on the board of DSPMLIM, said, "We are strongly committed to India and the DSPML joint venture model has been very successful for both partners. DSPML, a joint venture between Mr Hemendra Kothari and Merrill Lynch, lead managed domestic and international equity offerings of about Rs 3,200 crore last year.
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