India - Robeco and Canara Bank of India have teamed up to launch an asset management venture in India, called Canara Robeco Asset Management.
The joint venture, still subject to regulatory approval, will develop Canara Bank’s existing asset management arm, Canbank Mutual Fund.
Canara Bank will retain 51% of the shares in the joint venture, which aims to strike a 50-50 balance between retail and institutional clients. Assets under management (AuM) will be split between equity and other products.
Canara Robeco Asset Management will offer a range of schemes to investors across India including plain vanilla funds and a flagship fund in every major asset class.
Canara Robeco is also hoping to offer plain vanilla funds with a ‘twist’, structured and alternative products and enhanced index funds, in the future. A Robeco spokesperson said that the joint venture will soley target the Indian pension market - primiraly in the public sector.
Robeco Group chief executive officer George Möller said: “Robeco sees the Indian market as having sizeable business potential. With international global focus now directed towards India, it is increasingly more attractive for global players to create synergies of success between themselves and strong Indian partners.”
Rabo India Finance Limited, a 100% subsidiary of Rabobank International in India, was the sole adviser to Robeco on this transaction.
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