<article>New York-based financial services firm <a href="https://www.dealstreetasia.com/?s=JP Morgan Asset Management" target="_blank" rel="noopener">JP Morgan Asset Management</a> is selling its Indian fund management business to <a href="https://www.dealstreetasia.com/?s=Apollo Global Management" target="_blank" rel="noopener">Apollo Global Management</a>, <a href="https://www.perenews.com/jpmorgan-sell-india-fund-management-business-apollo-exclusive/?login=success" target="_blank" rel="noopener">reported</a> PERE.</article>

New York-based financial services firm <a href="https://www.dealstreetasia.com/?s=JP Morgan Asset Management" target="_blank" rel="noopener">JP Morgan Asset Management</a> is selling its Indian fund management business to <a href="https://www.dealstreetasia.com/?s=Apollo Global Management" target="_blank" rel="noopener">Apollo Global Management</a>, <a href="https://www.perenews.com/jpmorgan-sell-india-fund-management-business-apollo-exclusive/?login=success" target="_blank" rel="noopener">reported</a> PERE.
The deal would see Apollo taking control of two private equity real estate funds &#8211; JP Morgan India Property Fund and JP Morgan India Property Fund II &#8211; managed by JPMorgan Asset Management, 15 discreet investments and a staff of 10 people in India, it added.
The transaction, which involves a nominal consideration by Apollo towards the acquisition, will officially close this summer, the report added citing sources.
In 2006, JPMorgan Asset Management had raised $360 million for its maiden real estate fund in India called JPMorgan India Property Fund from institutional investors and high net-worth individuals (HNIs) across global markets. This followed the second vehicle worth $155 million.
In December last year, Mint had reported that JP Morgan Asset Management  is preparing to exit all four remaining investments made from its first India-focused realty fund including Bengaluru-based Nitesh Estates, Singapore-headquartered Assetz Property Group, Mumbai-based Vaswani Group and Pune-based Kolte-Patil Developers Ltd.
JP Morgan invested in the country till early 2016.
A separate media report in November said that JPMorgan could not scale up real estate investments in India the way they wanted, and hence the sell off. The same month, media had reported the departure of Chanakya Chakravarti, managing director of global alternatives, real estate Asia, JPMorgan, who joined Canadian property investment firm Ivanhoe Cambridge as head of its India operations.
Recently, New York-based asset management firm The Rohatyn Group (TRG) also announced its acquisition of JP Morgan Asian Infrastructure &amp; Related Resources Opportunity (AIRRO), giving the company the rights to manage the India-based platform’s investment fund.
JP Morgan in 2016 had also sold its mutual fund business to Edelweiss Asset Management after losing nearly 50 per cent of its AUM in just six months.
Last year, Kotak Realty Fund was reportedly in talks with US-based Blackstone Group LP, and two Canadian entities, Brookfield Asset Management and Canadian Pension Plan Investment Board (CPPIB) to offload assets from two of its real estate funds.
Besides, IL&amp;FS Investment Managers Ltd (IIML), a unit of Infrastructure Leasing and Financial Services Ltd (IL&amp;FS), was in talks with Blackstone to sell its IL&amp;FS India Realty Fund I, another Mint report said in July.

In 2006, JPMorgan Asset Management had raised $360 million for its maiden real estate fund in India called JPMorgan India Property Fund from institutional investors and high net-worth individuals (HNIs).

JP Morgan selling India-focused realty funds to Apollo Global: Report

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