UTI International (Singapore), the Singapore-headquartered asset management joint venture between Japan’s Shinsei Bank and India’s mutual fund house UTI have raised $100 million since September’08 when the operations of the JV was started. The period coincided with the post-Lehman gloom clouding the global financial services business.
UTI International (Singapore) is engaged in products primarily focused at the institutional clients. It also markets the existing domestic and offshore products of UTI Mutual Fund to the institutional and NRI clients in various Asian and South/South East Asian countries. Earlier in 2006 UTI had successfully launched two Indian funds in Japan at a time and raised $550 million, utilising Shinsei’s distribution channels.
Formely known as Long-Term Credit Bank of Japan became the ‘90s precursor of Lehman Bros’08, laden with bad debts and was eventually bought for a pittance by a consortium led by Ripplewood Holdings and later restructured and renamed under JC Flowers as Shinsei Bank.
As per this , the company is looking to create unit trusts and distribute through Shinsei’s channels in Japan, South Korea and Taiwan, quoting Rahul Gupta, a senior Shinsei executive.
Incidentally, Gupta broke a glass ceiling when he joined the board of Shinsei last month, the first banker of Indian origin to sit on the board of a Japanese bank. Gupta who is also Shinsei’s senior managing executive officer and chief financial officer, joined the Japanese bank in 2005 from DBS Bank, where he was group financial controller for five years. Meanwhile, Shinsei is reportedly in talks with Aozora Bank for a merger which would make the combined entity the sixth largest bank in Japan.