Dubai - Decypha: Emirates NBD Asset Management announced in a press release the launch of its Emirates Islamic India Equity Fund. The move was made in partnership with UTI International, one of India’s largest money managers.
The Fund, which received the needed approval the UAE Securities & Commodities Authority (SCA), is planning to achieve medium to long‐term capital growth through direct investments in Shari’a compliant Indian equities. The fund aims to primarily accomplish its plans by investing in large and midcap stocks, take advantage of price distortions, as well as opportunities that show a potential of sharp gains.
The launch of the Fund, according to the press release, comes as part of Emirates NBD Asset Management’s plan to strengthen and develop its international presence and expand its in-house range of funds into global markets.
“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,” commented Tariq Bin Hendi, CEO, Emirates NBD 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% share of the Indian fund management market, with current assets under management (AUM) of USD 42 billion.
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. As at 31st December 2016, Emirates NBD Asset Management had assets under management of approximately USD 3.85 billion.
By Decypha News Editorial Team
