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StanChart sells in India

StanChart sells in India

(11 March 2008 – India) Standard Chartered has sold its asset management business in India to Infrastructure Development Finance Co (IDFC). Standard Chartered revealed that the sale was for $US205 million in cash, but does not include Standard Chartered's mutual fund distribution business.

Rajiv Lall, managing director and chief executive officer, IDFC said that it was in line with the company’s strategy of broadening their footprint in the asset management business and diversifying their fee-based revenue streams.

The Indian fund Industry is worth an estimated $US138 billion and has increased by a significant 63 percent in the last year.

An estimated 42 million Indians will look for wealth management products in the next five years, up from 13 million, according to consultants Celent.
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