One of the top proprietary investors in the country Rakesh Jhunjhunwala is said to have become the local partner for Shinsei Bank for asset management business in India. Although, this has been in the rumour mills for more than a year now, as per this report Jhunjhunwala has picked up around 15% in the mutual fund venture. Japanese financial services major Shinsei owns 75% while the remaining 10% is with Sanjay Sachdev, the India head of Shinsei Corporate Advisory Services.
The mutual fund arm Shinsei Asset Management had received Sebi approval to set shop in February and has started with a PSU debt fund. Shinsei had earlier in 2007 roped in N Sethuraman Iyer from SBI Mutual Fund where he was the chief investment officer.
As per Shinsei’s website, Iyer is the CIO of Shinsei Investments while Sachdev is the country manager-India & Regional Manager(SE Asia) – Fund Management. Piyush Surana(fomer COO of Alliance Capital) is the CEO of the firm.
This would be the second Indian entity besides the existing Shinsei Corporate Advisory Services which provides investment and corporate advisory services to financial institutions. Earlier in August 2007, it had signed a JV with UTI Asset Management Company to set up UTI International (Singapore) Pte Limited for investment management and distribution of financial products in the South East Asian region. It also had a venture with UTI in Japan under the Shinsei UTI India fund.
Leave Your Comment
8 years ago
Within a year of commencing operations in India, Japan’s Shinsei Bank Limited...
9 years ago
UTI International (Singapore), the Singapore-headquartered asset management...
9 years ago
Schroders, Vanguard Mutual Fund and T Rowe Price have reportedly submitted bids...