CDIC acquires Eagle NDB Fund Management Co.

NDB Group's strategic investment arm, the Capital Development and Investment Company (CDIC), recently acquired the control of Eagle NDB Fund Management Company.

Aviva International Holdings, will partner NDB Group with an indirect shareholding of 49 percent through Aviva NDB Finance Lanka Private Limited. Aviva is the world's 5th largest insurance group, with funds under management amounting to over £ 381 billion.

Eagle NDB Fund Management Company is the largest private sector Asset Management Company in Sri Lanka with over Rs. 25 billion in funds under its management.

It manages a variety of funds including those pertaining to the insurance industry, Provident and Pension funds, endowments, and Unit Trusts.

With over 16 years of experience, Eagle NDB Fund Management probably offers the best expertise and systems to the capital markets in Sri Lanka.

The local expertise of NDB combined with the global breadth and skills offered by Aviva will help Eagle NDB Fund Management deliver new and innovative savings and investment solutions in the Sri Lankan market upon its launch.

As an independently owned and managed company, its team of highly qualified and experienced professionals assisted by the best in class systems would deliver true Wealth Management solutions to the NDB Group clientele, including mutual funds to retail investors.

The acquisition of Sri Lanka's largest private sector asset management company would complement the operations of the Group's other subsidiaries including NDB Investment Bank, the leading investment bank in Sri Lanka and NDB Stock Brokers.

The three companies together would yield significant synergies hitherto not available in capital markets in Sri Lanka and the Investment Banking cluster of the Group is expected to emerge as a dominant player in the market.

This together with the comprehensive array of services, the NDB Group will now be able to offer, is expected to significantly enhance NDB's shareholder wealth.

The NDB Group is one of the most financially stable and independently managed groups in Sri Lanka and Bangladesh with expertise in Corporate, Retail Banking, Emerging Corporate , Project Finance, Specialised Commercial Markets, Investment Banking, Stock Brokering, Insurance and Wealth Management.