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Mumbai, April 3 Tata Asset Management has entered into a partnership with UK-based New Star Asset Management to provide advice for the latter’s proposed India dedicated equity fund. New Star, which is a retail fund management company, will garner funds from retail investors in UK and invest in India through the FII route.

However, the India-dedicated fund will be managed based upon non-binding discretionary investment advisory inputs provided by Tata Asset Management, said a statement from the mutual fund.

“This is significant step for both New Star and Tata Asset Management and precedes the launch of an India-dedicated equity fund in the UK in the second quarter of 2008,” said Mr Ved Prakash Chaturvedi, Managing Director and Chief Information Officer, Tata Mutual Fund.

“We will have a separate team looking after the offshore fund,” he added. The revenue sharing arrangement between the two companies was not disclosed. “Earlier this year we made the strategic decision to make our funds available to UK retail investors,” said Mr Farrokh K. Kavarana, Chairman, Tata Asset Management Ltd.

Details of the India-dedicated equity fund to be launched in the second quarter of 2008 in the UK have not yet been submitted to the Financial Services Authority in that country, and will be announced in due course, said a press release.

In September last year, Tata Mutual Fund tied up with a UK-based global investment management house Invesco which has nearly $500 billion under management, for its own ‘Indo-Global Infrastructure Fund’.

Here, Tata Mutual Fund collects funds from India for Indo-Global Infrastructure Fund, investing a percentage of it in Invesco’s Asia Infrastructure Fund. The rest of the funds would be invested in India-listed infrastructure companies.

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