The Principal Financial Group on Tuesday announced that its subsidiary, Principal Financial Group (Mauritius) Ltd, has reached an agreement with the Industrial Development Bank of India to purchase IDBI's 50 per cent stake in their joint venture, IDBI-Principal Asset Management Company.
The agreement, at a consideration of $20 million, gives the Principal Financial Group a 100 per cent ownership of the AMC.
"We are extremely pleased by the success we've found in the Indian market. Bringing our global expertise and technology into one of the world's largest and fastest growing center for financial services business has greatly benefited us as well as our customers," said Rex Auyeung, senior vice president, Principal International, Inc.
"We are looking forward to continue serving India with a new array of highly attractive financial products and services," he said.
The Principal Group first entered the Indian market through its joint venture with IDBI in February 2000, focusing on selling retirement-oriented mutual funds products and related financial services.
Since then, the company has seen exponential growth, currently serving more than 158,500 customers with assets under management reaching more than $471 million (as of year end 2002).
Principal markets its products through banks, financial distributors and brokers, in addition to a ground-breaking service of offering mutual fund products via the Indian postal service.
The company, presently, manages 12 funds, which include three equity funds, six income funds, two balanced funds and one cash management fund.
On Principal
- The Principal Group first entered the Indian market through its joint venture with IDBI in February 2000.
- The company currently serves more than 158,500 customers with assets under management reaching more than $471 million (as of year end 2002).
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