Shinsei sells MF business in India to Japan’s Daiwa | business | Hindustan Times
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Shinsei sells MF business in India to Japan’s Daiwa

Within one year of launching its maiden scheme, Shinsei Bank has decided to exit from the mutual fund business in India and has signed an agreement with Daiwa Securities of Japan to sell its entire stake in Shinsei Mutual Fund.

business Updated: Mar 29, 2010 23:46 IST
HT Correspondent

Within one year of launching its maiden scheme, Shinsei Bank has decided to exit from the mutual fund business in India and has signed an agreement with Daiwa Securities of Japan to sell its entire stake in Shinsei Mutual Fund.

Daiwa is the second-largest asset management company (AMC) in Japan and has over $100 billion (Rs 4,50,000 crore) as assets under management.

Shinsei mutual fund received approval from the Securities and Exchange Board of India February and launched its first scheme in June 2009. The fund house has total assets under management of Rs 458 crore as on February 2010.

Along with the Shinsei Bank, other domestic shareholders of the AMC, including Rakesh Jhunjhunwala and Freedom Financial Services, have also decided to divest their stake. Daiwa will therefore acquire 100 per cent in the AMC from Shinsei Bank, Rakesh Jhunjhunwala and Freedom Financial Services Pvt Ltd.

Sanjay Sachdev, country manager, Shinsei Mutual Fund has resigned from the AMC.

The transaction, however, is subject to regulatory approvals and the concerned parties will apply for it soon.

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