Indian fund house Reliance Capital Asset Management (RCAM) has signed a MoU with South Korean asset management firm Samsung Asset Management (Samsung AMC) for a strategic alliance to explore business opportunities and launch funds in each other’s turf.
The alliance will allow the two companies to manage, market and distribute each other’s investment products in India and South Korea.
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Samsung AMC, a part of Samsung Group managing assets over $165.8bn, will explore opportunities in the ETF market in India through the partnership.
The two firms will seek to develop and explore business opportunities in active and passive strategies, utilizing their specific investment and distribution reach, in India and Korea.
RCAM CEO Sundeep Sikka said: "We are confident that this relationship between two leading asset management companies will provide both Korean and Indian investors, seeking exposure in global equities, with enhanced investment opportunities and significant diversification benefits.
"Indian asset management market has grown by around 12% per annum since 2008 to $190bn and offers tremendous potential to overseas investors. Samsung’s leadership experience in Korea, with over 51% market share in ETFs, and our complementary expertise in investment strategies will help us expand the market for Indian funds globally."
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