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Share Name | Share Symbol | Market | Type |
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State Bank Of India (PK) | USOTC:SBKJY | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
(Revises throughout to include confirmation from T. Rowe Price, terms of deal.)
T. Rowe Price Group Inc. (TROW) agreed to pay INR6.5 billion ($138 million) for a 26% stake in UTI Asset Management Co., India's fourth-largest asset manager, as the money manager continues to expand its global investment-management operations.
T. Rowe is taking a stake in a company with assets under management of $17.2 billion, or a 10% market share of the Indian mutual-fund market, and just under 10 million accounts.
Chief Executive James A.C. Kennedy said the deal will enable T. Rowe to tap the "tremendous growth potential of India's asset-management industry." He added the country's high rate of saving and demographics "favor strong growth in mutual- fund investing over time."
Selling stakes of 6.5% each are government-run State Bank of India (500112.BY), Punjab National Bank (532461.BY), Bank of Baroda (532134.BY) and state-run Life Insurance Corp. of India.
The decision to involve T. Rowe as a partner comes after weak market conditions forced UTI to abort plans for an initial public offering in July 2008. The deal is likely to bolster UTI's position in the crowded Indian asset-management business and help it better pitch products overseas and provide assistance in fund management.
"From a business angle, it makes sense to bring in somebody with a global expertise and a strong financial muscle," said R.K. Bakshi, an executive director at Bank of Baroda.
T. Rowe's third-quarter profit fell 13%, as the value of the assets it managed remained below year-ago levels, despite the recent stock-market rally, though results beat analysts' expectations.
T. Rowe shares closed at $49.98 and didn't trade premarket. The stock is up 41% this year.
-By Mike Barris, Dow Jones Newswires; 212-416-2330; mike.barris@dowjones.com
(Shikhar Balwani and Gurdev Singh Virk contributed to this story)
1 Year State Bank Of India (PK) Chart |
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