Emirates NBD Asset Management launches India Equity Fund with UTI International
Emirates NBD Asset Management has launched its Emirates Islamic India Equity Fund in partnership with UTI International, one of India’s largest money managers.
The agreement follows the approval from the UAE Securities & Commodities Authority (SCA). The Fund aims to achieve medium to long‐term capital growth through direct investments in Shari'ah-compliant Indian equities. It will use an active management style and take advantage of price distortions and specific opportunities that display potential for strong gains. The Fund will look to invest primarily in large and midcap stocks to generate excess returns for its clients.
“The launch of the Emirates Islamic India Equity Fund is an important step in widening our offering to current and future investors, while reinforcing our commitment to emerging markets. The launch of the Fund is in line with our key values: passion for performance, innovation, customer focus and integrity. We have one of the longest track records for operating in the MENA region, and as a result, have built up a wealth of expertise. Our confidence in adopting an active approach to investing in Indian equities is driven by conviction in the market due to a number of factors, including stable macroeconomics conditions, Saudi financial and structural reforms, increasing rates of domestic investment, and consumption. We are pleased to be working with UTI International and we will continue to look for world class partners in other geographies,” said Tariq Bin Hendi, CEO, Emirates NBD Asset Management.
The launch of the Fund is part of an ongoing process to develop Emirates NBD Asset Management’s international presence and expand its in-house range of funds into global markets. UTI is the latest of Emirates NBD Asset Management’s international partners, which include major global players such as Jupiter Asset Management.
UTI International is the flagship company representing the offshore interests of UTI Asset Management Company, India’s leading manager for Equities, Fixed Income and Private Equity. UTI Asset Management has a 7.8 per cent share of the Indian fund management market, with current assets under management (AUM) of $42 billion.
“The Fund presents an excellent opportunity to enhance our relationship with Emirates NBD Asset Management and realise strong returns on Indian equities for our investors. We already manage money for more than ten million clients and look forward to seeing this number grow. Our reputation is built on extensive experience in the Indian market and we look forward to combining that know-how with Emirates NBD Asset Management’s own expertise in the Gulf,” said Leo Puri, Managing Director, UTI Asset Management.
The Emirates Islamic India Equity Fund is available through Emirates NBD and Emirates Islamic branch network. Emirates NBD Asset Management’s SICAV platform includes a number of funds, including the Emirates Emerging Market Corporate Absolute Return Fund, Emirates Islamic Global Balanced Fund, Emirates MENA Fixed Income Fund and Emirates Global Sukuk Fund.