Bharti Enterprises and AXA sign agreement to set up an asset management company in India
New Delhi, September 4, 2007: Bharti Enterprises, AXA Investment Managers (AXA IM) and AXA Asia Pacific Holdings (AXA APH) today 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 IM, added: “This joint venture, when combined with our joint venture in China and developments in other parts of Asia Pacific, demonstrates AXA IM’s 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 APH both in the life insurance and general insurance business in India, is the ideal Indian company to partner AXA IM and AXA APH.”
The three shareholders also announced the appointment of Sandeep Dasgupta as CEO of the new venture. Sandeep joins from Deutsche Asset Management (India) where he has been CEO since 2001. Prior to this, Sandeep was Country Head of Sales and Marketing for Alliance Capital Asset Management India. He has 20 years of rich experience in the industry, and holds a Masters in Business Administration from the Indian Institute of Management, Ahmedabad.
Anthony Fasso, CEO, Asia Pacific for AXA Investment Managers, said: “Sandeep’s appointment is a real coup – he has an outstanding understanding of the Indian market, and has demonstrated considerable success in establishing two asset management ventures in India in previous roles. “
For further information, please contact:
AXA Investment Managers
AXA IM (London)
Gavin Anderson & Company
Note to Editors:
Bharti Enterprises is one of India’s leading business groups with interests in telecom, agri business, insurance and retail. Bharti has been a pioneering force in the telecom sector with many firsts and innovations to its credit. Bharti Airtel Limited, a group company, is one of India’s leading private sector providers of telecommunications services with an aggregate of 46.76 million customers as of end of July ‘07, spanning mobile, fixed line, broadband and enterprise services. Bharti Airtel was recently ranked amongst the best performing companies in the world in the BusinessWeek IT 100 list 2007. Bharti Teletech is the country’s largest manufacturer and exporter of telephone terminals. Bharti has a joint venture with ELRo Holdings India Ltd. – ‘FieldFresh Foods Pvt. Ltd’ - for global distribution of fresh fruits and vegetables. Bharti also has a joint venture - ‘Bharti AXA Life Insurance Company Ltd.’ - with AXA, world leader in financial protection and wealth management. Bharti has recently forayed into the retail business under a company called Bharti Retail Pvt. Ltd. It also has a joint venture – ‘Bharti Wal-Mart Private Limited’ - with Wal-Mart, for wholesale cash-and-carry and back-end supply chain management operations.
AXA Investment Managers
AXA Investment Managers is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with €566 billion in assets under management as of the end of June 2007. AXA IM employs approximately 2,800 people around the world and operates out of 19 countries. For more information, please visit http://www.axa-im.com/
AXA Asia Pacific Holdings
AXA Asia Pacific Holdings Ltd (AXA APH) is listed on the Australian stock exchange and is 52.3% owned by AXA SA. AXA APH is responsible for AXA SA’s life insurance and wealth management businesses in the Asia-Pacific region. It has operations in Australia, New Zealand, Hong Kong, Singapore, Indonesia, Philippines, Thailand, China, India and Malaysia. AXA APH had A$106.4 billion in total funds under management and administration at 30 June 2007 and reported a profit after tax before non-recurring items of A$374.0 million for the six months ended 30 June 2007. For more information on AXA Asia Pacific Holdings, visit http://www.axa-asiapacific.com.au/.