SG buys stake in SBI funds arm

SG Asset Management strikes a JV with State Bank of India Fund Management.

SG Asset Management SGAM and State Bank of India Fund Management SBI-FM have agreed to SGAM's acquiring a 37% stake in the domestic house, a unit of India's biggest banking group, State Bank of India.

The deal comes hot on the heels of SGAM's recent JV with Industrial Bank of Korea and now gives the firm a presence in every big Asian market. SGAM's first large entry to the region was 1987's acquisition of Yamaichi Capital Management in Japan. Subsequent forays into markets such as Indonesia, Taiwan and Thailand were on a smaller scale, but three years ago SGAM looked to build its Asia business as China...

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