In January, Baltimore-based asset manager T Rowe Price acquired a 26% stake in India's largest fund manager, Unit Trust of India, for Rs6.5 billion $142.4 million. The acquisition was achieved via a sell-down of 6.5% by each of UTI's four original shareholders, State Bank of India, Punjab National Bank, Bank of Baroda and the Life Insurance Corporation of India.
We talk to Edward Bernard about the deal. Bernard is vice-chairman of the board of directors of T Rowe Price Group, a member of the firm's management committee and chairman of the T Rowe Price mutual funds.
What is the strategic rationale underlying the partnership between T Rowe Price and UTI