Japan’s Nikko Asset
Management (AM) has launched a joint venture with Indian financial
services group Ambit to manage and advise on dedicated India
funds.
The new joint venture
has assets under management of $150m.
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As part of the
agreement, Nikko AM will receive a 50.1% equity stake in Ambit
Mauritius Investment Managers and a 49% stake in Ambit Investment
Advisors.
In a joint statement,
the two companies said that the partnership will allow Ambit’s
clients to tap into Nikko AM’s product development capabilities and
network of distributors across Asia.
Ambit private
clients to benefit
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By GlobalDataAmbit’s private wealth
business provides services including multi family office, wealth
management services, estate planning, financial planning, tax
planning strategies, risk management services to private
clients.
In return, Nikko AM will
receive local knowledge and investment expertise for its India
funds as it seeks to build-out its investment business in
India.
The joint venture will
be headed by Bill Wilder, president and chief investment officer of
Nikko AM and Andrew Holland, chief executive of Ambit investment
advisory.
