Amarchand Mangaldas advised State Bank of India (SBI), SBI Trustee and SBI AMC in buying Japan’s second-largest brokerage group Daiwa Security Group’s Daiwa Mutual Fund. Daiwa was advised by AZB & Partners. SBI will buy the Japanese fund for more than Rs 1.3 crore ($220,000), reports Mint.

Amarchand Mangaldas Mumbai corporate partners Ashwath Rau and Aysswarya Murthi acted for the buyers, which will acquire Daiwa’s sponsorship, trusteeship and management.AZB & Partners Mumbai partner Alka Nalavadi and associate Rushabh Maniar acted for Daiwa Asset Management Company’s Indian and Japanese arms and Daiwa Trustee Company.

Daiwai Mutual Fund is selling out to SBI because it wants to cut costs and jobs outside Japan, and because India poses regulatory uncertainties, waning retail investor interest in equity markets, wafer-thin margins and a highly competitive environment, reported the Times of India.