T. Rowe Price agreed to acquire a 26% stake in UTI Asset Management, a Mumbai-based money manager with about $17.2 billion in assets under management, according to a company announcement.
The transaction, which is expected to close later this year, was valued at about $138 million in cash and was acquired from existing shareholders.
“Acquiring this stake in UTI provides T. Rowe Price with an opportunity to participate directly in the growth potential of India’s asset management industry,” T. Rowe Price spokesman Edward Giltenan said in an interview.
Most of UTI’s assets are invested in Indian fixed-income and equity strategies.
“We look forward to a mutually beneficial relationship to share expertise in global investment management and distribution,” James A.C. Kennedy, T. Rowe Price CEO and president, said in news release about the deal.
