Apollo Global Management LLC agreed to become the new fund manager and general partner for JPMorgan Asset Management Ltd.'s US$300 million real estate portfolio in India, Mint (New Delhi) reported, citing two sources familiar with the matter.
Apollo is hiring four people from JPMorgan's India team as part of the deal, which is expected to increase the former's assets under management in the country to approximately US$500.0 million, according to the paper.
On its own, Apollo will continue to invest in various real estate classes across India, said one of the unnamed sources cited in the Sept. 10 report.
Spokespersons for both JPMorgan and Apollo declined to comment regarding the latest deal, the publication added.
JPMorgan reportedly signed a deal with Apollo in July for the divestment of its Indian fund management business, which covers the US$360 million JP Morgan India Property Fund, the US$155 million JPMorgan India Property Fund II, 15 discreet investments and a 10-staff team.