AXA and Bharti Enterprises sign agreement to set up an asset management company in India
Group, October 5, 2007
On September 4, Bharti Enterprises, AXA Investment Managers and AXA Asia Pacific Holdings have announced a joint venture to establish an asset management company in India. The joint venture will look to leverage the globally recognised investment expertise of AXA IM and the strong marketing and distribution capability of AXA APH. Bharti, on the other hand, brings unique understanding and insights on the Indian retail market, together with its retail and corporate customer base and its enviable brand reputation.
Commenting on this announcement, Mr. Sunil Bharti Mittal, Chairman & Group CEO of Bharti Enterprises said "We are delighted to strengthen our relationship with AXA and partner them in the asset management business. With strong economic fundamentals, mature stock markets and growing disposable incomes, the India growth story is very strong. With our product portfolio from insurance to asset management, we are confident of becoming a leading player in the Indian financial services sector".
Dominique Carrel-Billiard, Chief Executive of AXA Investment Managers, added: "This joint venture, when combined with our joint venture in China and developments in other parts of Asia Pacific, demonstrates AXA Investment Managers' ambitions for the region, and is further proof of our continued global expansion. Bharti is one of India's leading and fastest growing companies, and as a successful partner to AXA Asia Pacific Holdings both in the life insurance and general insurance business in India, is the ideal Indian company to partner AXA Investment Managers and AXA Asia Pacific Holdings".
Commenting on the partnership, Mark Pearson, Regional Chief Executive of Life, AXA Asia Pacific Holdings, said: "India, with its growing middle class and strong economic growth, is one of the most attractive insurance and wealth management growth markets in Asia. The expertise that each partner brings to this joint venture will not only strengthen the services we offer our customers in India, but will also provide us with the opportunity to grow the value of our business in this dynamic market."