MF weekly wrap: Dai-ichi Life picks stake in UBI AMC arm; Vinit Sambre to head equities at DSP BlackRock

During the week, Union Bank of India said Japan's Dai-ichi Life Holdings acquired 39.62 percent stake in Union Asset Management through investment in compulsorily convertible preference shares.

Accordingly, Union Mutual Fund will now be co-sponsored by Union Bank of India and Dai-ichi Life.

Dai-ichi has replaced Belgium-based KBC Participations Renta SA, which exited the venture by selling its 49 percent stake in erstwhile Union KBC Asset Management and Union KBC Trustee to Union Bank of India on Sep 20.

Also Read: Sundaram MF seeks SEBI nod for services fund 

In a follow-up story to the above announcement, we did a feature story on why foreign players still find Indian AMC business appealing?

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Himadri Buch

Assistant Editor|Moneycontrol.com

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According to industry experts, as the Indian mutual fund industry moves up the maturity curve, assets under management maintain the growth momentum clocking a CAGR of 26 percent global players are finding the industry appealing. The 43-player domestic mutual fund industry manages assets worth Rs 23 lakh crore as on March-end.

Japan's Nippon owns a stake in Reliance Asset Management which is listed on the stock exchanges. Global players like Prudential and Franklin Templeton dominate the industry.

Global investors across the board are of the view that the Indian economy is poised for significant growth.

Also Read: HSBC MF appoints fund managers for 2 open-ended equity schemes

During the week, DSP BlackRock elevated Vinit Sambre to head of equities after Anup Maheshwari Chief Investment Officer decided to leave the firm to pursue other opportunities.

On May 10, Moneycontrol had reported DSP BlackRock Mutual Fund will elevate Vinit Sambre. Moneycontrol was also first to report on April 26 that Anup Maheshwari has resigned from the fund house.

The fund house will also elevate Rohit Singhania, Senior Vice President, as Co-Head – Equities.

Also Read: Principal MF to rename asset allocation fund