Chennai: The city-based non-banking finance company
Sundaram Finance has bought out the 39-per cent stake
held by Stewart Newton Holdings (Mauritius), a subsidiary
of Newton Investment Management Company, UK, in the Sundaram
Newton Asset Management Company for Rs 10.53 crore.
Sundaram Finance was holding 61 per cent in the joint
venture asset management company (AMC).
to the acquisition, the AMCs name has been renamed
as Sundaram Asset Management Company. The net assets under
the management of the company is Rs 1,137 crore.