Standard Life grows and Zurich AM exits

Standard Life Investments has announced that it intends to increase its stake in India's HDFC Asset Management Company. This follows the announcement on March 16 that it had purchased Zurich Asset Management in India. The acquisition makes HDFC AMC the sub-continent's largest private sector mutual fund company. The terms and conditions of the two deals are confidential and have not been disclosed, although the Zurich acquisition is a straightforward purchase of shares. The deal's completion is dependent on the approval from regulators and Standard Life says it hopes to get this within six to eight weeks.