Bharti, AXA ink agreement to foray into AMC business

New Delhi, Sept 04: Bharti Enterprises and two companies of France-based AXA Group today announced a joint venture to foray into asset management segment, wherein the Sunil Mittal-owned firm will own 25 percent. Sandeep Dasgupta of Deutsche Asset Management (India), will be the CEO of the new venture. Bharti and AXA Asia Pacific Holdings Ltd already have an insurance joint venture. Besides these two companies, AXA investment managers -- the asset management company of the AXA group -- will be a part of the joint venture. Bharti Enterprises Chairman and Group Ceo Sunil Bharti Mittal said: "with our product portfolio from insurance to asset management, we are confident of becoming a leading player in the Indian financial services sector." The size of paid-up capital of the new venture has not been disclosed. The joint venture would look to leverage investment expertise of AXA IM and marketing and distribution capability of AXA APH, a release by Bharti said. Bharti, on the other hand, would bring understanding and insights on the Indian retail market, together with its retail and corporate customer base and its brand reputation. AXA IM Chief Executive Dominique Carrel-Billiard said: "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."