UTI Intl, Shinsei Bank to foray into Singapore

UTI International, a 100 per cent subsidiary of UTI Asset Management Company (AMC), and Shinsei bank of Japan, today signed a joint venture agreement to set up UTI International (Singapore).

The company will be involved in investment management and distribution of financial products in the south-east Asian region, and will also manage funds in other jurisdictions.

The company will be applying to the regulators in Singapore and other jurisdictions to obtain the necessary licences.

A K Sridhar, who was the chief investment officer (CIO) of UTI AMC, will be the chief executive officer (CEO) of the new company.

He will be based in Singapore.

The agreement was singed by U K Sinha, chairman and managing director of UTI Asset Management Company and Thierry Porte, president and CEO of Shinsei Bank, who were in Singapore for the occasion, a press release said here.

"We are very eager to expand the UTI business beyond the geographical boundaries of India. We want to leverage our experience and knowledge to help people across the region to build wealth," said Sinha.

UTI currently manages $400 million through a Japanese offshore fund "� Shisei UTI India Fund.

"We are confident of extending our successful relationship across various geographies and in many dimensions," said Porte.