Mumbai: UTI International Ltd, a subsidiary of UTI Asset Management Company (UTI AMC), has entered into a joint venture with Japanese major, Shinsei Bank, to form a new company christened UTI International (Singapore) Pte Limited.
The agreement was signed in Singapore by UTI AMC chairman and managing director, U K Sinha, and president and CEO of Shinsei Bank, Thierry Porte, a press release issued here today stated.
The JV shall engage in investment management and distribution of financial products in the south-east Asian region and besides structuring investment products for customers in the region, it will also manage funds investing in other jurisdictions, the release said.
The company will also launch and manage structured investment products to cater to the Japan-south-east Asia corridor.
UTI International (Singapore) wil be applying to the regulators in Singapore to obtain necessary licenses and in due course will also approach the other regulators in other jurisdictions.
“We are very eager to expand the UTI business beyond the geographical boundaries of India. We want to leverage our experience and knowledge to help people across the region to build wealth....we have successfully worked with Shinsei in Japan and are keen to take this relationship forward,” UTI AMC’s Chairman and Managing Director, U K Sinha, said.
Shinsei Bank’s Porte said that “we have had a very successful relationship with UTI in Japan through the Shinsei UTI India Fund, which is now over $400-million in size.”
A K Sridhar will be the CEO for the joint venture company and based in Singapore.