UTI Mutual Fund looks to offer India investment fund in other Asian markets
19 May 2007
Kolkata:
UTI Mutual Fund is planning to expand business operations
into other markets, utilizing its tie up with Shinsei
Bank for the purpose. According to fund officials, they
would like to draw on Shinsei''s influence in other markets
in Asia.
UTI would like to offer its open-ended Shinsei-UTI India Fund, which so far has already attracted over $300 million from investors, in other markets as well. This fund enables investments in stocks listed on Indian exchanges.
The
two partners had announced the tie-up last year, under
which Shinsei was to distribute India-specific investment
products, managed and advised by UTI, to Japanese investors.
The fund''s investment objective is to grow the assets
with a medium- and long-term perspective.
Shinsei,
which offers institutional and retail banking as well
as consumer and commercial finance, has $84 billion in
total assets on a consolidated basis as of June 2006.