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Our Bureau

Kolkata , Sept. 9

PRUDENTIAL ICICI Mutual Fund will tie up with UCO Bank to vend its products.

The two are expected to sign an agreement here shortly.

Pru ICICI, whose asset base crossed the Rs 21,000-crore mark recently, plans to tap the bank's network to cater to new clients.

UCO Bank, based in Kolkata, has a strong presence in the East, which is being increasingly billed as a growing market for mutual funds.

Banks are said to provide a good customer base for asset management companies, thanks to their expanding branch networks. A number of banks have lately entered into tie-ups with leading MFs. Fund houses such as UTI MF and Reliance MF have worked out such arrangements with local banks in the last one year.

Pru ICICI regional head to join Kotak: Prudential ICICI's regional chief, Ms Smita Kapoor, has put in her papers. She is slated to take charge of Kotak Mahindra Bank's wealth management operations in the region. Ms Kapoor, who had a stint with the Kotak Mahindra group earlier, will be expected to cater to high net-worth individuals through an assortment of products, including PMS and real estate advisory.

The Kolkata market for MFs has seen a number of personnel changes in recent times. Among those who have moved is Mr Rajiv Goel, who has left ING Vysya MF to join Pru ICICI.

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