Standard Chartered, the UK and HKSE-listed bank, is conducting a strategic review with a view to selling its Indian asset management business. 

The Indian unit has assets under management of around £1.8bn and is considered a non-core operation as Standard has no other equivalent operations elsewhere in the world. The unit came as part of the bank's acquisition of Grindlays from Australian bank ANZ.

Meanwhile, global asset management houses such as Franklin Templeton and Fidelity are seeking to increase their operations in India. In August this year, India had a total of 30 mutual funds, of which Standard's is ranked 7th-10th, with combined assets of £39.7bn, an increase of 57 per cent in 12 months. 

Standard Chartered, which has 81 branches in India and is the largest foreign lender there, has stated that other options are being considered for the unit as well as a sale. No sale price or potential buyers have yet been identified.