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Nippon Life India AMC rises 2% after company signs deal to explore Taiwan market

NEW DELHI: Nippon Life India Asset Management Ltd (NAM India) shares rose after the company signed a deal with Cathay SITE (Securities Investment Trust), the largest asset manager in Taiwan, for exclusive strategic collaboration.

As a part of the deal, both Cathay SITE and Nippon will work exclusively with each other and use their expertise to explore areas for developing, managing, marketing and distributing each other’s investment products in India and Taiwan.

Both companies will seek to develop and explore business opportunities in active and passive strategies, leveraging upon their specific investment and distribution reach, in India and Taiwan.

Cathay SITE is the largest asset management company in Taiwan, with assets under management totalling $26.76 billion. Cathay is also the largest segregated account manager in the Taiwanese equity market for public pensions.

Shares on NAM India, which runs the Nippon Mutual Fund, rose 2.38 per cent at Rs 337.15 per share.

“Cathay’s reach and breadth of products offerings will enable Indian investors to have much needed diversification out of their local market by providing access to a sophisticated, technology heavy market. This exclusive partnership would enable Indian investors to partake of a unique high technology, high growth market and diversify the basket of products available, which they can choose from as per their investment appetite,” said Sundeep Sikka, ED and CEO, NAM India.

“Our objective at NAM INDIA is to become a global asset manager based out of India. In India, whenever we talk about asset management, it is mostly about mutual funds but from our perspective, the idea is to build a true-blue asset management company, which has presence across mutual funds, ETFs, off-shore funds, private equity, venture and alternative funds. This strategic collaboration is a step in that direction,” he added.
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