Japan's Shinsei Bank ties up with UTI AMC

Japan's Shinsei Bank today announced an exclusive tie-up with country's largest mutual fund UTI asset management company for launching a diversified offshore fund to mobilise over $ 300 million from Japanese retail investors for investments into the booming Indian stock markets.

"Shinsei Bank will distribute India specific investment funds to be managed/advised by UTI AMC to Japanese general individual investors," said Toru Irokawa, Co-Head of Asset Management Division at Shinsei Bank.

The offshore fund would come under UTI MF's overseas subsidiary UTI International and it would be managed by the portfolio management services (PMS) division of the domestic fund house, said Ashish Ranawade, Head, Wealth Management Division of UTI AMC.

Irokowa said there was significant interest among Japanese investors in India, despite a 'turbulent period' in May-June period.

The sharp 30 per cent fall in stock prices during that period also witnessed some redemptions from Japanese funds in India, he added.It is estimated that Japanese funds hold assets worth $5 billion in Indian markets through 10 India-specific funds.