The noise around the possible sale of IDFC AMC was doing the rounds for quite some time now. A group comprising Bandhan Financial Holdings Limited, Singapore's sovereign wealth fund GIC and Indian private equity firm ChrysCapital has emerged as the final suitor. The consortium will be acquiring IDFC Asset Management for a consideration of Rs 4,500 crore. It is worth noting that the entire investment management team is going to be retained as part of the deal. While the acquisition has been announced, the transaction is subject to necessary regulatory approvals, and so it may take several months before all parties seal the deal. Déjà vu Ownership change is not new for this AMC. It's been through two of them in the past. The roots of the AMC can be traced back to 1999 when it was incorporated as ANZ Grindlays Mutual Fund. Soon after, as part of a global takeover, the AMC business came under the hold of Standard Chartered Mutual Fund. That is when effectively, it started launching schemes - an income fund (now IDFC Bond Fund Income Plan), followed by the short-term fund (now IDFC Bond Fund Short Term Plan) in 2000. Back in the day, Standard Chartered Mutual Fund used to be the only AMC focused entirely on debt funds. In fact, it ran marketing campaigns calling itself an 'equity-free' fund house (as if it were some sort of a virus)! Even globally, the Standard Chartered Mutual Fund did not have any equity products at
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