Edelweiss to acquire Ambit Alpha Fund

Edelweiss group entity has agreed to acquire Ambit Alpha Fund, a category III Alternate Investment Fund with an AUM of over Rs 1,100 crore, and will be its new investment manager. The transaction is subject to due diligence and requisite regulatory approvals.

This is the second asset management acquisition of Edelweiss Group in the recent past, having taken over JP Morgan’s onshore mutual fund schemes a few months ago. The acquisition will further strengthen Edelweiss Group’s Rs 35,000 crore Global Assets Management (GAM) business which includes the Group’s existing mutual funds, alternative assets management, multi strategy funds and asset reconstruction. This business has seen an over 40% growth over the last year.

The Edelweiss Group is one of India’s leading diversified financial services company providing a broad range of financial products and services to a substantial and diversified client base that includes corporations, institutions and individuals.