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· Emirates NBD Asset Management has identified India as a market with significant growth potential
· In partnership with UTI International, Emirates NBD Asset Management has launched a fund giving investors exposure to Shari'a compliant Indian equities
· The fund is part of Emirates NBD Asset Management's strategic plan for expanding its product range into global and emerging markets
Dubai, United Arab Emirates - Emirates NBD Asset Management has announced the launch of its Emirates Islamic India Equity Fund in partnership with UTI International, one of India’s largest money managers, following approval from the UAE Securities & Commodities Authority (SCA).
The Fund aims to achieve medium to long‐term capital growth through direct investments in Shari’a 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 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.
Tariq Bin Hendi, CEO, Emirates NBD Asset Management, commented:
“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’ll continue to look for world class partners in other geographies.”
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% share of the Indian fund management market, with current assets under management (AUM) of USD 42 billion.
Leo Puri, Managing Director, UTI Asset Management, concluded:
“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.”
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.
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*As at 31st December 2016
**An open-ended collective investment scheme common in Western Europe
About Emirates NBD Asset Management:
Emirates NBD Asset Management Limited (Emirates NBD Asset Management), established in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority as a Category II Firm, is the wholly owned asset management business of Emirates NBD Bank, one of the largest banks by assets in the MENA region. Emirates NBD Asset Management provides a wide range of investment solutions, from in-house managed public funds to tailor-made discretionary solutions. It manages funds across a variety of asset classes, including MENA equity and global fixed income, global risk profiled solutions, UAE real estate, and a wide range of Shari'a compliant instruments, structured to cater for diverse risk appetites.
Each of the Emirates NBD Asset Management managed funds are currently domiciled in either Jersey (regulated by the Jersey Financial Services Commission) or Luxembourg (regulated by the Luxembourg Commission de Surveillance du Secteur Financier). As at 31st December 2016, Emirates NBD Asset Management had assets under management of approximately USD 3.85 billion.
About UTI International (Singapore) Private Ltd:
UTI International Singapore Private Ltd is the flagship company representing the offshore interests of UTI AMC. It helps global investors invest in India. Current investors include private banks, family offices, Insurance companies, pension funds and other financial institutions.
UTI Asset Management Company (UTI AMC), the parent entity, is the leading manager of Indian Equities, Fixed Income and Private Equity, with a robust investment process that has withstood the test of time. As a group, UTI has an AUM of USD 43.01 billion and manages money for more than 10 million clients.
With Singapore as our primary place of business, UTI International aims to help global investors in accessing Indian equities, fixed income and private equity opportunities. These opportunities can be availed in multiple ways via Mutual Funds, Managed Accounts, Sub-Advisory and White Labelling arrangements. We also provide investors access to our domestic funds in India, through Master-Feeder arrangement. While the Research & Analysis is mostly conducted at our head office in Mumbai, we have an Investment Management team as well as a product structuring unit in Singapore.
UTI started with humble beginnings. Created in 1964 by an Act of the Indian Parliament, UTI (or Unit Trust of India as it was known earlier) has a rich history of helping many generations of Indians plan their financial futures. By spawning Banks, Stock Exchanges and Depositories, it has also been instrumental in the development of the country’s Capital Market infrastructure.
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© Press Release 2017
