Business Daily from THE HINDU group of publications
Tuesday, Aug 08, 2006
Business Daily from THE HINDU group of publications Tuesday, Aug 08, 2006 |
|
|
|
|
|
|
|
Markets
-
Mutual Funds Nilanjan Dey
Agreement The tie-up with Shinsei Bank of Japan is for India dedicated fund Formal agreement has already been worked out.
Kolkata , Aug 7 UTI Mutual Fund has roped in Shinsei Bank of Japan to set up a fund dedicated to the Indian securities market. The fund, through which at least $300 million is expected to be mobilised, will pave the way for UTI MF's first such joint initiative with a Japanese outfit. A formal agreement between the two entities has been worked out already. "We propose to set up the fund as part of our plan to step up our international presence," said Mr U.K. Sinha, Chairman and Managing Director of UTI MF. He added that the company intends to scout for more joint initiatives with overseas entities. So far, UTI International Ltd, its wholly owned subsidiary, has been mandated to play a key role on this front. The position of Shinsei Bank, it is pointed out, is somewhat akin to IDBI, which has lately turned to the retail market to shore up business. According to its Web site, the bank dates back to the 1950s and had assets of over 9,000 billion yen (a consolidated figure) as on September 30, 2005. Incidentally, the money raised abroad may be routed through Mauritius or Singapore. Japan, according to Mr Sinha, has been an important market insofar as investment in Indian stocks by overseas investors is concerned. The Japanese bank is aware that equity assets account for a significant portion of UTI MF's total asset base (currently at over Rs 30,000 crore). UTI International Ltd may turn more active in the global context. The company, which has a presence in the UK and West Asia, is now the manager to such overseas vehicles as India Fund, India Pharma Fund and India IT Fund.
More Stories on : Mutual Funds | Alliances & Joint Ventures
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2006, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
