The partnership will open a new avenue for both firms, as they will be able to capitalise on each other’s respective strengths in distribution and investment expertise, said ICICI.
ICICI Prudential AMC managing director and CEO Nimesh Shah said, "This partnership brings together two reputed asset management companies that can leverage on their strengths of investment expertise and distribution to provide the best value to their investors."
The tie-up will help position India as an attractive investment destination and ICICI Prudential AMC as an investment manager of choice for investors across Europe and also globally, Shah added.
ICICI Prudential AMC, which is a joint venture between ICICI Bank, and Prudential from the UK will get the benefit from the pact, as the firm will be presented by Nordea on global front as Indian advisor or sub-advisor of choice throughout its retail, private banking and institutional segments across Europe
Nordea Asset Management CEO Allan Polack said, "We are happy to have a partnership with ICICI Prudential AMC. Our partnership is a matter of close cooperation, knowledge-sharing and developing new opportunities for the European and Indian markets."
Nordea Investment Management is the AMC arm of Nordea Group, the largest financial group in Northern Europe with a market capitalisation of EUR24bn $30bn.
ICICI Prudential AMC has already received the mandate to offer advisory/sub-advisory services to Nordea’s existing Indian fund assets of around $250m.
