Mississauga, Ont.-based Excel Funds Management Inc. announced on Tuesday that it has signed a memorandum of agreement with Mumbai-based Aditya Birla Sun Life Asset Management Co, Pte. Ltd. (ABSLAMC) to offer investment strategies to institutional investors.
The terms of the memorandum provide that Excel Funds and ABSLAMC, a wholly owned subsidiary of Birla Sun Life Asset Management Co. Ltd. (BSLAMAC), will offer institutional investors direct access to infrastructure, real estate and private equity opportunities in India, according to a statement.
The agreement marks a significant milestone in Excel Funds’ quest to better serve institutional clients in North America and Europe, says Bhim Asdhir, president and CEO of Excel Funds, in a statement.
“I am truly excited about this partnership,” Asdhir adds. “BSLAMC is one of the best fund managers in India and this agreement aligns our mutual objective of generating strong risk-adjusted returns for our investors.”
India is a strong environment for investors thanks to its large population that accounts for 17.5% of the global population and its government’s pro-business reforms, according to Excel Funds’ announcement.
“As we seek to expand our reach into the North American market, we look forward to combining our strengths and industry expertise with Excel Funds to offer Canadian institutions unique products that capitalize on the growth in India,” says Vikas Gautam, CEO and head of international business with ABSLAMC, in the statement
“With ground-breaking reforms taking place, now is the time for investors to get in on the ground floor and maximize their long-term returns,” Gautam adds.
Excel Funds was founded in 1998 and specializes in products that invest in emerging markets strategies. BSLAMC was established in 1994 and is the fourth largest asset manager in India with US$21 billion in assets under management as of Dec. 31, 2015. BSLAMC is a joint venture between Toronto-based Sun Life Financial Inc. and Mumbai-based Aditya Birla Group.