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.