Dubai
Emirates NBD Asset Management and Unit Trust of India (UTI) Asset Management joined hands to look at multiple investment themes that would get materialised in the future through various products, its senior executives said on Tuesday.
The partnership’s first fund will be the Emirates Islamic India Equity Fund, which will be managed by UTI and offer exposure to Sharia compliant Indian equities.
“This is the first Sharia Islamic vehicle set up for India, the way we approach this is that clients have demand for certain type of products. We have requirements for the types of products that we offer in the market. If we put those things together this is a very healthy and attractive product,” Tariq Bin Hendi, chief executive officer at Emirates NBD Asset Management told reporters.
Bin Hendi expects more products coming out from the relationship to take opportunity presented in the market.
Relationship
“We have two very strong pedigree institutions which has a long history of relationship and we essentially were looking for a partner that could reflect our culture and values in terms of governance, play a leading franchise and brand,” said Leo Puri, managing director at Unit Trust of India (UTI) Mutual Fund.
India, which has been the fastest growing economy in the world, is likely to be top three global economy by 2020, according to McKinsey, and the country is expected to increase its asset allocation share in personal portfolio.
“A part of this opportunity stress on the opportunity that is developing in India the underlying shift that is happening in terms of reforms, and the shift that is happening in terms energy in the economy,” said Puri.
Currently, UTI Asset Management has about $42 billion (Dh154 billion) of assets under management.
