UTI and Japan-based Shinsei Bank form JV for asset management

By Staff
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Google Oneindia News

New Delhi, Aug 8 (UNI) A 100 per cent subsidiary of UTI Asset Management Company Pvt Ltd (UTI AMC) and Guernsey-based UTI International Ltd today singned a joint venture (JV) agreement with Japan-based Shinsei Bank Ltd to set up UTI International (Singapore) Pte Ltd for asset management in South East Asian region.

The agreement was signed by UTI AMC Chairman and Managing Director U K Sinha and Shinsei Bank President and Chief Executive Officer Thierry Porte.

''We are very eager to expand the UTI business beyond the geographical boundaries of the country. We have successfully worked with Shinsei in Japan and keen to take this relationship forward,'' said Mr Sinha The JV company will be engaged in investment management and distribution of financial products in the South East Asian region, said a company statement.

Besides structuring investment products for customers in the region, the company will also manage funds investing in other jurisdictions, the statement added.

It will also launch and manage structured investment products to cater to the Japan - South-East Asia corridor.

The company will be applying to the regulators in Singapore to obtain the necessary licenses and in due course will also approach other regulators in other jurisdictions, the statement said.

''We have had a very successful relationship with UTI in Japan through the Shinsei UTI India fund, which is now over 400 million dollars in size. We are confident of extending our successful relationship across various geographies and in many dimensions,'' said Mr Porte.

Mr A K Sridhar, who was the CIO of UTI AMC, will be the Chief Executive Officer for the JV company and he will be based in Singapore.

UNI

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