French asset management company Amundi has unveiled plans to step up its distribution capabilities through its joint venture with State Bank of India, State Bank of India Funds Management (SBI FM).
This push aims to develop the business towards both Indian investors and global investors that seek Indian opportunities by leveraging Amundi’s investment management, marketing and distribution platforms.
Amundi recently co-named two Indian equity sub-funds of its Luxembourg Sicav Amundi Funds with SBI FM acting as investment adviser to both funds.
The underlying goal is to make SBI FM an investment hub covering all asset classes and bolster joint activities for both retail and Institutional clients, in Europe, Asia and Middle East.
Retail sales through the SBI branch network and distribution partners will be developed with a renewed fund offering in the distribution business using digital sales and marketing tools.
Among plans for the institutional offering, the ETF range will be further strengthened.
SBI FM was created in 1987 by State Bank of India (SBI) which sold a 37% stake to Société Générale AM (SGAM) in 2004 that became Amundi in 2010 through the merger with Credit Agricole AM.
Dinesh Kumar Khara, managing director (associates & subsidiary), State Bank of India commented: “We have a renewed focus on taking our India investment management expertise to global investors by leveraging on Amundi’s Investment, marketing and distribution platforms.
“Co-branding of two Indian equity sub-funds is a first step in this process. We look forward to making SBI MF into a global leader in India investment solutions for global clients.”
Fathi Jerfel, global head of Retail Division of Amundi said: “Amundi is pleased to build on our relationship with SBI FM to bring quality investment opportunities to both retail and professional investors.”
SBI FM manages over €27bn in assets under management, serving 5.1 million customers in India.