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.
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
Ambit’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.