J. Sagar Associates advised Sundaram Asset Management Company Limited. (“Sundaram”), a 100% subsidiary of Sundaram Finance Ltd., in the purchase of the asset management businesses of Principal Asset Management Pvt. Ltd (“Principal”). Sundaram will acquire the schemes managed by Principal Asset Management Pvt. Ltd and acquire 100% of the share capital of Principal Asset Management Pvt. Ltd., Principal Trustee Company Pvt. Limited, and Principal Retirement Advisors Pvt. Ltd. The transaction is subject to the receipt of necessary regulatory approvals and SEBI prescribed processes
Sundaram is a significant player in the fund management space with a 25-year track record. Sundaram has over Rs. 40,000 crores in assets under management, the majority of which is in equity-oriented schemes. Principal Asset Management has assets under management of INR 7,447 crores as on December 31, 2020 with about 90% of this in equity-oriented schemes.
JM Financial Limited acted as the exclusive financial advisor, Transaction Square were also financial advisors to Sundaram and J. Sagar Associates acted as the legal advisors to Sundaram Asset Management Company. Barclays acted as the exclusive financial advisor and Cyril Amarchand Mangaldas as the legal advisors to Principal.
The JSA team comprised of Partners – Aarthi Sivanandh and Bhavana Elizabeth Alexander, Senior Associate – Bhargavi Ravi. Competition law team comprises Partner – Vaibhav Choukse, Principal Associate – Ela Bali and Associate – Nripi Jolly.