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Kolkata April 10 Standard Chartered Bank expects the final transfer of its asset management business to UBS to take place shortly. A remittance of about $120 million, which will be reflected in this year's balance sheet, is expected to come in by way of the transfer.

Mr Neeraj Swaroop, CEO - India, SCB, said the transfer will represent the next major stage of the deal, adding that the bank will now focus on its strategy of distribution of funds offered by other asset management companies.

"This (distribution) will assume greater significance. Now that we do not have our own fund, the perceived conflict of interest will not be there any more," he told newspersons here on Tuesday.

SCB, which is a large distributor of certain savings and investment products, has distribution arrangements with a number of leading fund houses. Incidentally, it does not run an asset management business anywhere in the world.

UBS had earlier this year announced the acquisition of SCB's mutual funds business in India. The transaction, it said, will entail acquisition of 100 per cent interest in Standard Chartered Asset Management Co Pvt Ltd as well as Standard Chartered Trustee Co Pvt Ltd, the manager and trustee, respectively.

At the time of the announcement, the AMC business was characterised by 16 funds, 10 of which were fixed income, two asset allocation and four equities. The equity funds represented about 19 per cent of total assets under management. For SCB, the funds business was a legacy of sorts, thanks to the erstwhile ANZ Grindlays Asset Management Co. It took over ANZ Grindlays a few years ago.

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