SG buys stake in SBI funds arm

SG Asset Management (SGAM) and State Bank of India Fund Management (SBI-FM) have agreed to SGAM's acquiring a 37% stake in the domestic house, a unit of India's biggest banking group, State Bank of India. The deal comes hot on the heels of SGAM's recent JV with Industrial Bank of Korea and now gives the firm a presence in every big Asian market. SGAM's first large entry to the region was 1987's acquisition of Yamaichi Capital Management in Japan. Subsequent forays into markets such…