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UBS buys Standard Chartered's Indian mutual fund business for US$119 million

UBS buys Standard Chartered's Indian mutual fund business for US$119 million

Swiss bank UBS AG said Friday said it bought Standard Chartered PLC's mutual funds management business in India for 147 million Swiss francs (US$119 million; euro90.9 million) and will form an Asian fund distribution alliance with the U.K.-based bank.
UBS, the world's largest asset manager, expects the Indian mutual fund management business to have assets under management of around 4 billion Swiss francs (US$3.21 billion; euro2.5 billion), the company said in a statement. It currently manages 16 mutual funds, 10 of which are fixed income, two asset allocation and four in equities.
Under the plans for the alliance with Standard Chartered for fund distribution in Asia, the Middle East and Africa, Standard Chartered's retail and wealth management businesses will gain access to a number of UBS Investment Bank products. The full terms of the agreement have yet to be finalized.
"As the regulatory environment continues to develop, domestic investors will _ as has been the case in other markets _ increasingly look to global financial services firms to provide innovative investment solutions," said John Fraser, chief executive of UBS Global Asset Management.
Standard Chartered Asset Management Co. has around 60 staff and is the ninth-largest mutual fund manager in India, with a 4 percent share of the domestic market.


Updated : 2021-03-09 16:29 GMT+08:00