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.

Already Sundaram Finance was holding 61 per cent in the joint venture asset management company (AMC).

Consequent to the acquisition, the AMC’s name has been renamed as Sundaram Asset Management Company. The net assets under the management of the company is Rs 1,137 crore.