JPMorgan to sell India fund management arm: Report
JPMorgan Asset Management (JP Morgan) is selling its Indian fund management business to Apollo Global Management (Apollo), according to a report in PERE.
Apollo, a US private equity firm, will take control of JPMorgan India Property Fund and JPMorgan India Property Fund II, which have assets of US$360 million and $155 million, respectively, the July 8 report says, citing unnamed sources. The funds target institutional investors and high net-worth individuals.
No reasons are provided for the move.
US-based JPMorgan had $1.68 trillion of assets under management as at March 31, 2018.