Mumbai : (IANS) Edelweiss Asset Management Limited (EAML) on Tuesday announced an agreement to acquire JP Morgan Asset Management (JPMAM) managed Indian onshore fund schemes, onshore mutual fund business and international fund of funds.

“Given the complementary business advantages and the significant business that JPMAM has built, this acquisition is a natural win for both Edelweiss and JP Morgan,” said Edelweiss Group chief executive Rashesh Shah in a statement about the deal which is subject to regulatory approvals.

JPMAM’s assets under management (AUM) stand at Rs.7,081 crore while the combined valued of JP MorganA and Edelweiss AUM amount to Rs.8,757 crore.

According to the statement, the acquisition will further bolster Edelweiss Group’s Rs.31,000 crore global asset management businesses.

To ensure business continuity and further growth, EAML has expressed its commitment to absorb majority of JPMAM’s employees.