Edelweiss Asset Management Ltd. announced on Tuesday its decision to acquire the mutual fund business of JPMorgan Asset Management India Pvt. Ltd. (JPMAM). Although Edelweiss Asset Management did not disclose the cost of acquisition, it said that the deal is in line with the recent acquisitions in the mutual fund industry. However, the deal is subject to regulatory approval.
The total asset under management (AUM) of JPMAM is Rs 7,081 crore and with this acquisition, Edelweiss Asset Management will join the club of top 20 mutual fund houses of India. Currently, Edelweiss Asset Management has domestic assets of about Rs 3,000 crore, including the Portfolio Management Services (PMS) assets.
Meanwhile, JPMAM will become the seventh global financial services firm to quit the Indian mutual fund industry in the last three years. JPMAM has been looking for buyers for some time, which took a hit after the crisis caused by Amtek Auto’s default. JPMAM had an exposure of Rs 200 crore to the debt instruments of Amtek Auto, which was downgraded by the rating agencies.
Also read: 9 mutual fund terms you should know
Other Funds by Edelweiss Asset Management
| Scheme Name | 3Y Returns (%) | AUM (Rs. Cr.) | Category |
| Edelweiss Greater China Equity Off-shore Fund | 19.52 | 45.21 | Sectoral/Thematic Fund |
| Edelweiss Large & Mid Cap Direct Plan | 13.91 | 280.94 | Large & Mid Cap Fund |
| Edelweiss Multi Cap Fund | 13.7 | 68.94 | Multi Cap Fund |
| Edelweiss Large Cap Fund | 13.58 | 133.82 | Large Cap Fund |
| Edelweiss Emerging Markets Opportunities Equity Offshore Fund | 12.86 | 5.65 | Sectoral/Thematic Fund |
| Edelweiss Mid Cap Direct Plan | 11.66 | 763.28 | Mid Cap Fund |
| Edelweiss Aggressive Hybrid Fund | 10.69 | 8.02 | Aggressive Hybrid Fund |
| Edelweiss Long Term Equity Fund (Tax Savings) | 10.36 | 74.64 | ELSS |
| Edelweiss Balanced Advantage Fund | 10.26 | 741.62 | Dynamic Asset Allocation |
| Edelweiss US Value Equity Offshore Fund | 10.02 | 44.17 | Sectoral/Thematic Fund |
| Edelweiss Tax Advantage Fund | 9.45 | 12.11 | ELSS |
| Edelweiss Banking and PSU Debt Fund | 9.35 | 190.74 | Banking and PSU Fund |
| Edelweiss Equity Savings Fund | 9.06 | 126.56 | Equity Hybrid Saving Fund |
| Edelweiss Dynamic Bond Fund | 8.52 | 103.05 | Dynamic Bond Fund |
| Edelweiss Government Securities Fund | 8.35 | 239.58 | Gilt Fund |
| Edelweiss ASEAN Equity Off Shore Fund | 7.91 | 50.72 | Sectoral/Thematic Fund |
| Edelweiss Europe Dynamic Equity Offshore Fund | 7.1 | 21.07 | Sectoral/Thematic Fund |
| Edelweiss Liquid Fund | 6.96 | 2353.84 | Liquid Fund |
| Edelweiss Arbitrage Fund | 6.76 | 5537.37 | Arbitrage Hybrid Fund |
| Edelweiss Short Term Fund | 4.47 | 13.96 | Short Duration Fund |
| Edelweiss Low Duration Super Institutional Direct Plan | 3.61 | 602.3 | Low Duration Fund |
| Edelweiss Corporate Bond Fund | 2.63 | 293.18 | Corporate Bond Fund |