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Last Updated : May 21, 2011 12:28 PM IST | Source: Moneycontrol.com

Union Bank enters mutual fund space

Union Bank enters mutual fund space by joining hands with KBC Asset Management of Belgium to launch Union KBC Asset Management Company.

Union Bank of India on Wednesday announced its foray into the crowded mutual fund space joining hands with KBC Asset Management of Belgium to launch Union KBC Asset Management Company. The joint venture will see Union Bank of India hold 51 per cent stake and KBC Asset Management own 49 per cent stake in the joint venture firm. Union KBC AMC will float its first open-ended equity scheme called Union KBC Equity Fund, which would be open from May 20 to June 3.

First Published on May 19, 2011 12:17 pm