INDIA - Nikko Asset Management and Indian financial services group Ambit RSM Private Limited have announced plans to establish a joint asset management venture in India.
Nikko AM is expected to acquire 74.9% of the ordinary stock of the joint venture company, with Ambit owning the remainder.
The firms' said they had already agreed most of the key terms and would enter into a "definitive agreement" in early 2007.
Bill Wilder, Nikko AM president and CIO, said India's massive population, progressive regulators, favourable demographics and rapidly growing economy made it "a promising market for asset management in particular".
Nikko AM has since 2004 invested in additional offshore infrastructure, most notably by establishing a regulated group company in Mauritius and a dedicated India fund management team in Singapore, that enabled the group to expand its Indian investment management capacity rapidly, in particular by facilitating the successful launch of Nikko BRICs Equity Fund in March 2006.
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