Mumbai-based Ambit Holdings Pvt Ltd has formed a joint venture with Tokyo’s Nikko Asset Management Co. Ltd (Nikko AM), to provide investment management and advisory services in India and Mauritius, the company has said in a statement today.
Ambit and Nikko AM have agreed that the dedicated India funds from both partners will be managed and advised by the JV and the asset under management will be worth $150 million.
Under the agreement, Nikko Asset Management will acquire 50.1 per cent in Ambit Mauritius Investment Managers Pvt Ltd that provides investment management services with focus on Indian securities. Nikko AM will also acquire 49 per cent in Ambit Investment Advisors Pvt Ltd, a company incorporated in India, which will provide investment advisory services.
The partnership will enable Ambit to tap into Nikko AM’s product development capabilities and extensive network of distributors. On the other hand, it will provide Nikko AM with local knowledge and investment expertise for its India funds.
A subsidiary of Sumitomo Trust and Banking Co., Ltd and incorporated in 1959, Nikko AM primarily provides its services to pooled investment vehicles. The firm also caters to pension and profit-sharing plans, banking/thrift institutions, charitable organisations, state/municipal government entities, government-affiliated agencies and other businesses. The firm manages client-focused equity and fixed income, as well as hedge funds.
Ambit Holdings, through its subsidiaries, provides investment banking, private equity, securities brokerage and wealth management services. The company’s subsidiaries include Ambit Corporate Finance, Ambit Capital and Ambit Pragma.
“We have had a long partnership with Nikko AM as part of the agreement that Ambit signed with Nikko AM in 2007. I am certain that the JV will be extremely successful,” said Ashok Wadhwa, group CEO of Ambit while commenting on the joint venture.
“Partnering with quality local firms like Ambit is core to our ‘multi local’ approach. Together, we will build a successful business,” said Timothy McCarthy, chairman and CEO of Nikko AM.
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