Zurich-headquartered UBS is looking to start asset management business in India. According to Christof Kutscher, group MD, head of Asia-pacific, “In Asia, we have picked up assets in China, Korea, Taiwan and Japan. India is a big gap in our offering. We are waiting for the right opportunity to enter the Indian asset management business.”
Currently, there are over 41 fund houses in the country while another 22 are awaiting approvals from the market regulator. Major foreign fund managers, including Fidelity, Franklin Templeton, T Rowe Price, ING and Mirae, already have a presence in the Indian asset management business and currently around eight mutual funds are predominantly foreign-based.
In the last one year, three companies—Pramerica MF, Peerless MF and Motilal Oswal MF—started their mutual fund operations. As per data provided by Association of Mutual funds in India (Amfi), the total average assets under management of the 41 fund houses stood at over Rs 7.13 lakh crore in September 2010. Kutscher added the bank will soon look for a partner and was keen on taking a controlling stake. This is not the first time that UBS is looking to enter the asset management business in India. In 2007, it had planned to acquire Standard Chartered’s mutual fund business in the country but the deal was later called off. The bank also plans to increase its footprint in the wealth management segment. UBS group already has a presence in the banking industry after it received a banking licence from RBI in 2008-09. It is also one of the top brokers for international entities investing in Indian equities. UBS India Securities Private’s brokerage and advisory services have been available from its Mumbai office since 1990.
Source: http://www.financialexpress.com/news/UBS-eyes-MF-business-in-India-once-again/702892/
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