Nikko AM completes acquisition of DBS Asset Management

DBSAM Singapore is to be renamed Nikko Asset Management Asia Ltd. Nikko AM becomes Asia’s largest regional asset manager

Nikko Asset Management Group (Nikko AM) has successfully completed its acquisition of DBS Asset Management Ltd (DBSAM), one of the leading investment management firms in Southeast Asia, from DBS Bank Ltd (DBS). The transaction boosts Nikko AM's assets under management by $7.9 billion to over $165 billion and establishes Nikko AM as the largest regional asset manager headquartered in Asia.

DBS has in turn acquired a 7.25% interest of the enlarged Nikko AM, forming a strategic alliance between the two companies. DBS and Nikko AM have entered into a non-exclusive distribution agreement through which Nikko AM's investment products can be distributed through DBS' network of core markets in the region. This arrangement brings together two award-winning firms with complementary strengths across products, investment platforms and distribution channels.

Employees of Nikko AM's subsidiary in Singapore, Nikko Asset Management Singapore Ltd (NAMS), will transfer to DBSAM within the next few weeks. DBSAM will be renamed as Nikko Asset Management Asia Ltd (Nikko AM Asia) on or around October 17, and will provide broad investment management expertise across Asian Equities and Asian Fixed Income.

Under the terms of the agreement with DBS, Nikko AM has acquired 100% of DBSAM, the asset management subsidiary of DBS and a 30% stake in Hwang-DBS Investment Management Berhad (HDBS IM), Malaysia's independent fund management firm. Nikko AM has also acquired a 51% stake in Asian Islamic Investment Management Sdn. Bhd. (AIIMAN) and 100% of DBSAM's Hong Kong subsidiary.

DBSAM's 33% stake in the Chinese fund manager Changsheng Fund Management is not part of the transaction and has been transferred to DBS. Nikko AM already has a strong presence in China, via its 40% ownership of Rongtong Fund Management, the 7th  largest Sino-foreign joint venture fund management group in China.


Intel Capital to invest $20 million in 6 Indian companies

Investments are to come from Intel Capital’s $250 million India Technology Fund

Intel Capital, Intel's global investment organisation, plans to invest approximately US$20million, in six Indian companies. The investments are part of Intel Capital's ongoing efforts to support Indian technology innovation and entrepreneurship.

The six companies that Intel Capital plans to invest in are: Saankhya Labs Pvt. Ltd., a fabless semiconductor company; Testing Czars, a global independent test engineering and solutions provider for mobile applications; Financial Inclusion Network and Operations (FINO), a business and banking technology platform provider with an extensive services delivery channel; What's on India Pvt Ltd, India's premier electronic programming guide for television;  enStage, an electronic payment solutions and processing provider; DURON Energy Pvt Ltd, a pioneer in affordable solar power products designed for off-grid use in emerging markets.

Three investments - Saankhya Labs, Testing Czars, and FINO - have been completed. Intel Capital has signed investment agreements with What's on India, enStage and DURON Energy. Details of these six investments, including the amount to be invested in each company were not disclosed.

Funding for the investments announced by Intel Capital comes from the US$250 million Intel Capital India Technology Fund established in December 2005. This fund invests in Indian technology companies to stimulate local innovation and the continued growth of India's information technology industry.


Planning Commission may change affidavit on BPL, indicates govt

Minister of information and broadcasting Ambika Soni insisted that the affidavit submitted by the Plan panel before the Supreme Court is not a final document. "When we asked for information from the panel regarding it, we were told that it an initial document and not a final document," she said

New Delhi: The government today indicated that the Planning Commission could change its controversial affidavit on BPL (below poverty line), which had held that people earning more than Rs25 in rural areas and Rs32 in urban areas do not come under this category of the poor, reports PTI.

"These figures could undergo a change, who knows some other statistics may come up, which is acceptable to Planning Commission.

"There is concern among people. There is certain disquiet in the civil society and some sections. They believe the statistics are perhaps somewhat removed from the reality," minister of information and broadcasting Ambika Soni told reporters here.

Asked about the open letter written by two prominent social activists and NAC members-Aruna Roy and Harsh Mander-to Planning Commission chairperson Montek Singh Ahluwalia questioning the affidavit by the plan panel, Ms Soni said, "I too may have some questions on the figures that have been given.

Many people have questions on the affidavit."

Mr Mandar and Ms Roy have reportedly asked Mr Ahluwalia to withdraw the poverty line affidavit filed by the panel before the Supreme Court or resign.

Noting that Ms Roy and Mr Mandar are 'prominent' members of the civil society, Ms Soni said the government is waiting for the Planning Commission's final document.

Ms Soni insisted that the affidavit submitted by the Plan panel before the Supreme Court is not a final document.

"Planning Commission had given an affidavit. When we asked for information from the panel regarding it, we were told that it an initial document and not a final document," she said.


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