UBS buys Indian mutual funds

26 January 2007

Switzerland's biggest bank, UBS, has agreed to buy Standard Chartered's Indian mutual funds business for around $117 million, it has been announced.

UBS subsidiary UBS Global Asset Management will take over 100 per cent ownership of the business, which provides the Swiss bank with what it describes as "a major presence" in India's growing fund management industry.

"The acquisition… demonstrates UBS's broader commitment to this important market," said John Fraser, UBS Global Asset Management chairman and chief executive.

"As the regulatory environment continues to develop, domestic investors will - as has been the case in other markets - increasingly look to global financial services firms to provide innovative investment solutions. The acquisition is linked to an opportunity to align us with a major distributor in the region which will also enhance the UBS brand."

Standard Chartered's Indian mutual fund operation has around $3.18 billion in assets under management, and currently manages a total of 16 mutual funds.

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