T. Rowe Price announced Monday it has signed a definitive agreement to acquire a 26% stake in UTI Asset Management and UTI Trustee for $138 million. UTI Asset Management, which has $17.2 billion in assets under management, is the fourth-largest asset manager in India and the country’s oldest mutual fund institution.

James A.C. Kennedy, chief executive officer and president of T. Rowe Price, said, ”We are excited about this opportunity to form a cooperative relationship with UTI, a leading investment manager with a strong reputation in India. Their general investment approach and client-focused model also lends itself to a solid cultural fit between our two companies. This provides T. Rowe with an opportunity to participate directly in the tremendous growth potential of India’s asset management company. India’s economic growth rate is second only to China’s among large economies.

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