UOB Asset Management (UOBAM), a unit of Singapore-based United Overseas Bank, has entered into an alliance with UTI, to jointly launch and distribute mutual funds – reported Reuters.
It has been reported that the first product will be an equity fund. It is likely to be launched by the end of this year. In a statement, UOBAM said: The first initiative of the alliance is an equity fund that both parties have jointly developed. The features of the fund will be announced at a later date, reported the news agency.
Reportedly, UOBAM manages about $9.36 billion of assets and has business operations spread across Singapore, Brunei, Japan, Malaysia, Taiwan and Thailand. UTI manages around $15 billion and its funds are reported to be distributed in 450 of India’s 620 districts.
