Edelweiss Group to acquire Ambit Alpha Fund

Edelweiss Financial Services has informed the bourses on September 22, that Edelweiss group entity has agreed to acquire Ambit Alpha Fund, a category III Alternate Investment Fund with an AUM of over INR 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 per cent growth over the last year.

Shares of the company will see a sharp reaction on September 22. Shares of the company in the last 3 months have surged over 53 per cent. In the last one year, shares of the company have surged 111 per cent. Fifty-two week high/low of the company stands at Rs 124.20/44.40.