State Street in talks to acquire stake in Indian mutual fund
State Street Investment Management is reportedly in discussions to purchase a stake in an Indian mutual fund, reported Bloomberg, citing a person familiar with the matter.
The company intends to collaborate with the Indian firm by sharing its technology to support the development of quantitative investment strategies.
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State Street is also preparing to introduce model portfolios comprising international equities and exchange-traded funds.
The portfolios will be launched in collaboration with Smallcase, a local investment platform, in which State Street already owns a stake.
This move would further integrate State Street’s offerings with the Indian market.
According to the report, State Street manages around $5tn in assets and aims to strengthen its position in India’s asset management industry, worth around $900bn.
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By GlobalDataThe partnership with the Indian mutual fund would provide State Street with greater access to Indian investors in the country’s equities market.
The talks between State Street and the unnamed Indian mutual fund are ongoing, and no official statement has been made by either party.
Foreign asset managers have often faced challenges in establishing distribution networks within India.
Other international firms, such as BlackRock, Amundi, and Schroders, have also established partnerships with domestic firms to reach India’s retail investor base.
Recently, BlackRock and its partner Jio Financial Services have launched mutual fund products in India, targeting significant growth over the coming seven years.
Jefferies Financial Group is also preparing to enter the Indian market.
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