Bharti Enterprises, AXA to set up asset management company
Our Corporate Bureau
04 September 2007
New Delhi: Bharti Enterprises, AXA Investment Managers (AXA IM) and AXA Asia Pacific Holdings (AXA APH) today announced the setting up of a joint venture asset management company in India.
The joint venture will leverage the globally recognised investment expertise of AXA IM and the strong marketing and distribution capability of AXA APH, with Bharti contributing to its insights on the Indian retail market, corporate customer base and strong brand reputation.
"We are delighted to strengthen our relationship with AXA and partner them in the asset management business," said Sunil Bharti Mittal, chairman and Group CEO, Bharti Enterprises. "With strong economic fundamentals, mature stock markets and growing disposable incomes, the India growth story is very strong. With our product portfolio from insurance to asset management, we are confident of becoming a leading player in the Indian financial services sector."
Dominique Carrel-Billiard, chief executive, AXA IM, said, "This joint venture, when combined with our joint venture in China and developments in other parts of Asia Pacific, demonstrates AXA IMs ambitions for the region, and is further proof of our continued global expansion. Bharti is one of India's leading and fastest growing companies, and as a successful partner to AXA APH both in the life insurance and general insurance business in India, is the ideal Indian company to partner AXA IM and AXA APH.
The shareholders also announced the appointment of Sandeep Dasgupta as CEO of the new venture. Dasgupta was earlier CEO, Deutsche Asset Management (India) since 2001 and prior to that country head, sales and marketing, Alliance Capital Asset Management India. An IIM-Ahmedabad alumnus, Dasgupta has 20 years of experience in the industry, and holds a Masters in Business Administration from the Indian Institute of Management, Ahmedabad.
Anthony Fasso, CEO, Asia Pacific for AXA Investment Managers, said, "Dasgupta's appointment is a real coup. He has an outstanding understanding of the Indian market, and has demonstrated considerable success in establishing two asset management ventures in India in previous roles."