The Rs 45,000-crore (Rs 450 billion) Tata group is consolidating its interest in mutual funds business.

The group is buying out the its joint venture partner, TD Financial Group in Tata TD Asset Management, manager of Tata Mutual Funds at an undisclosed sum.

Meanwhile, both the groups are also exiting the Indian stock brokerage business under the Tata TD Waterhouse brand.

Following the move, Tata TD Asset Management will become 100 per cent owned by the Tatas. However, TD Asset Management will continue to provide technical support in the fund management area.

"Our decision to exit these businesses in India is part of a global strategy to focus on retail brokerage and asset management activities in North America and the United Kingdom," said David Livingston, executive vice president, TD Bank Financial Group.

The brokerage arm had memberships both on the Bombay Stock Exchange and the National Stock Exchange.

The Tata Group has, however, agreed in principle to retain a major part of the mutual fund distribution business.