The Hindu Business Line : UTI joins Japan’s Shinsei Bank for Singapore market

Mumbai, Aug. 8 UTI International Ltd, a 100 per cent subsidiary of UTI Assset Management Company Private Ltd, has signed a joint venture agreement with Japan’s Shinsei Bank to set up a company UTI International (Singapore) Pte Ltd.

This new company’s asset management will be done in three ways: structuring investment products for customers in South East Asia region, managing funds investing in other jurisdictions and launching and managing structured investment products to cater to the Japan- South-East Asia corridor.

UTI has 51 per cent of stake in the joint venture, while Shinsei Bank has 49 per cent.

“We see a lot of potential for local investments as well as from Indians living in Japan eager to invest in India and so we have structured ourselves to tap both the markets, said Mr Jaideep Bhattacharya, Chief Marketing Officer, UTI Asset Management Company Private Ltd.

He added that they are exploring opportunities in other geographies as well.

Mr A.K. Sridhar, who is the CIO of UTI AMC, will be the Chief Executive Officer of the joint venture company.

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