|
A Japanese bank has tied up with UTI Mutual Fund to start an India-dedicated equity fund that hopes to raise about $300 million from Japanese retail investors. Shinsei Bank, a leading Japanese bank, is floating the Shinsei UTI Indian Equity Fund in Japan. The fund will be on offer from December 4 to 27, and will be invested in the booming Indian equity markets. The bank will market the fund in Japan, and Axel, the wealth management solutions unit of UTI MF and UTI International, will manage the proceeds. Japanese financial institutions, lured by the booming Indian stock markets, have invested about $5.5 billion over the last one year in the capital markets here. According to Sanjay Sachdev, India country manager, Shinsei Bank, this is likely to triple over the next 18 months. For UTI MF - the country's largest asset management company - this is its maiden foray into the affluent Asia-Pacific region. UTI set up UTI International Ltd in 1996, in Guernsey, Channel Islands. The company was set up to market offshore funds of UTI and to provide support to these funds. UTI International acts as a manager to three offshore funds based in Mauritius: the India IT Fund Ltd, the India Fund Ltd and the India Pharma Fund Ltd. The new venture hopes to market other India-specific funds being managed by UTI to Japanese investors. The UTI-Shinsei Fund is a diversified fund, which will invest in about half a dozen high-potential sectors, including IT, pharmaceuticals and infrastructure.
|
