Emirates NBD Asset Management has announced the launch of its Emirates Islamic India Equity Fund in partnership with UTI International, one of India’s largest money managers, following approval from the UAE Securities and Commodities Authority (SCA)….reports Asian Lite News
The Fund aims to achieve medium to long term capital growth through direct investments in Shari’a compliant Indian equities. It will use an active management style and take advantage of price distortions and specific opportunities that display potential for strong gains. The Fund will look to invest primarily in large and midcap stocks to generate excess returns for its clients.
The launch of the Fund is part of an ongoing process to develop Emirates NBD Asset Management’s international presence and expand its in-house range of funds into global markets. UTI is the latest of Emirates NBD Asset Management’s international partners, which include major global players such as Jupiter Asset Management.
Tariq Bin Hendi, CEO, Emirates NBD Asset Management, commented:”The launch of the Emirates Islamic India Equity Fund is an important step in widening our offering to current and future investors, while reinforcing our commitment to emerging markets. The launch of the Fund is in line with our key values: passion for performance, innovation, customer focus and integrity. We have one of the longest track records for operating in the MENA region, and as a result, have built up a wealth of expertise.
Leo Puri, Managing Director, UTI Asset Management, said:”The Fund presents an excellent opportunity to enhance our relationship with Emirates NBD Asset Management and realise strong returns on Indian equities for our investors. We already manage money for more than ten million clients and look forward to seeing this number grow. Our reputation is built on extensive experience in the Indian market and we look forward to combining that know-how with Emirates NBD Asset Management’s own expertise in the Gulf.”