Mumbai, Nov 13 (PTI) Germany’s DWS Group on Thursday announced that it is picking up a 40 per cent stake in Nippon Life India Asset Management’s (NAMI) alternatives business for an undisclosed sum.

The Frankfurt-headquartered DWS Group, which is majority owned by Deutsche Bank and manages USD 1.22 trillion in assets globally, has entered into a memorandum of understanding with NAMI for the stake buy and forming a proposed joint venture in the alternatives space, as per a statement.

“DWS plans to invest in Nippon Life India AIF Management (NIAIF) to further scale up the alternatives business of Nippon India," the statement said.

The entity is likely to issue new shares which will take DWS’ stake to 40 per cent.

The 10-year-old NIAIF is in early stages of growth and has so far raised USD

See Full Page