Emirates NBD and UTI launch Indian fund

Emirates NBD Asset Management has launched an Indian equity fund in partnership with UTI International.

The fund will invest in medium and large-cap Indian equities that comply with principles of Islamic law.

Tariq Bin Hendi, chief executive of Emirates NBD Asset Management, said the fund was “an important step in widening our offering to current and future investors, while reinforcing our commitment to emerging markets”.

UTI International is the offshore division of UTI Asset Management, which, with $42 billion under management, claims to control about 8% of India’s fund management market. The company developed from Unit Trust of India, a government institution founded in 1964 to give Indian retail investors access to the country’s capital markets.

“We already manage money for more than ten million clients and look forward to seeing this number grow,” said Leo Puri, managing director of UTI Asset Management.

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