Guernsey-based
UTI International Ltd, a wholly owned subsidiary of UTI Asset Management Company,
and Shinsei Bank Limited of Japan have signed a joint venture agreement today
to set up UTI International (Singapore) Pte Limited. The
agreement would enable the two companies to manage funds and undertake investment
activities in each others jurisdictions. The JV will also launch and manage structured
investment products to cater to the Japan - South-East Asia corridor. The
new joint venture company will also undertake investment management and distribution
of financial for its customers in the region. U
K Sinha, chairman and managing director of UTI AMC, said, "We are very eager
to expand UTI''s business beyond the geographical boundaries of India. We have
successfully worked with Shinsei in Japan and keen to take this relationship forward." Thierry
Porté, president and chief executive officer, Shinsei Bank, said, "We
have had a very successful relationship with UTI in Japan through the Shinsei
UTI India fund, which is now over USD 400 Million in size. We are confident of
extending our successful relationship across various geographies and in many dimensions." A
K Sridhar, who was the CIO of UTI AMC, has been identified as the chief executive
officer of the new joint venture company and will be based in Singapore.
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