BOI and AXA Investment Managers Asia Holding said that their deal has received all the regulatory approval, under which BOI took 51% stake of Bharti AXA Investment Managers and Bharti AXA Trusteeship Services.
The recent deal has paved the exit way of Bharti Enterprises, from the asset management business, which had 25% stake in the firm.
The rest of the stake, which is 41% will be with Axa group, said the firm.
According to BOI, it acquired 25% stake from Bharti Enterprises, while 26% per cent from the Axa Investment Managers Asia Holdings.
Upon integration of the fund house with BOI, the new firm will be changed to Bank of India AXA Investment Managers.
Currently, the bank is managing eight mutual funds either fully or partly owned by banks along with overseas partners.
The funds include Baroda Pioneer Mutual Fund, Canara Robeco Mutual Fund, ICICI Prudential MF, Principal MF of Punjab National Bank and SBI Mutual Fund, Axis MF, IDBI Mutual Fund and Union KBC MF of Union Bank.
