A Vanguard [profile] spokesperson is denying reports that the fund shop is talking with ING about buying a business in India.

Divya Rajagopal of the Economic Times reports that Pramerica, South Korean asset manager Mirae [profile] and the Valley Forge, Pennsylvania-based mututal fund shop that Bogle built "have held talks with ING" to bid on the Indian mutual fund arm of ING Asset Management.

Vanguard PR people told the pub that "the news was not true," while ING and Mirae didn't respond to ET's request for comment.

And, yes, the article does claim that it is "Pramerica" that is interested. Pramerica is a brand used by Prudential for its mutual fund business outside of North America.

The ET says ING's looking to raise $7 billion from the divestment. The pub cites "people close to the transaction" and claims that ING's Indian mutual fund business boasts 797 crore (about $143 million) in assets under management. That would put ING's dream price at nearly 49 times AUM. 

Edited by: Neil Anderson, Managing Editor


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