Dubai – Mubasher: Emirates NBD Asset Management signed an agreement with Indian money manager UTI International to increase its global fund portfolio, according to a statement.
The partnership’s first fund will be the Emirates Islamic India Equity Fund, the bank's unit said, adding that the fund will be managed by UTI and offer exposure to Shari’a compliant Indian equities.
Among Emirates NBD Asset Management’s current partners are Jupiter Asset Management, with whom the company runs four different strategies.
“Falling domestic inflation is boosting consumption and making financial savings more lucrative than physical savings in commodities such as gold,” According to Tariq Bin Hendi, CEO of Emirates NBD Asset Management.
“Lower domestic interest rates are likely to spur investment activity and consumption, reducing the cost of both borrowing and capital, driving profit growth and improving equity valuation,” Bin Hendi said, adding that “bank credit growth appears to have bottomed out, putting India on the cusp of an upturn in the credit cycle and providing fuel for its equity market”.
India’s economy is likely to be among the world’s top five by 2020 and to reach the top three by 2030, according to a McKinsey report.
“The Indian Rupee has been a relative outperformer among emerging market currencies since 2015, while Indian FX reserves hit a record high of $363.5 billion in June 2016, providing a cushion during distressed periods,” the report highlighted.
