UTI International Ltd. (British crown dependency Guernsey based ) a 100% subsidiary of UTI Asset Management Company Pvt. Ltd. (“UTI AMC”) of India and Shinsei Bank Limited (“Shinsei Bank”) of Japan have signed a joint venture agreement on 9th August 2007 to set up UTI International (Singapore) Pte Limited (“The Company”).
The agreement was signed by Mr. U K Sinha, Chairman and Managing Director of UTI AMC and Mr. Thierry Porté, President and Chief Executive Officer of Shinsei Bank who were in Singapore for the occasion.
The Company shall be engaged in investment management and distribution of financial products in the South East Asian region. Besides structuring investment products for customers in the region, the Company will also manage funds investing in other jurisdictions. The company will also launch and manage structured investment products to cater to the Japan – South-East Asia corridor.
The Company will be applying to the regulators in Singapore to obtain the necessary licenses and in due course will also approach the other regulators in other jurisdictions.
Mr. A K Sridhar, who was the CIO of UTI AMC, has been identified as the Chief Executive Officer for the Joint Venture Company and he will be based in Singapore.
UTI already have presence in Japan through the Shinsei UTI India fund , which is now over USD 400 Million in size.
(This is according to the press release of UTI Asset Management Company)