Union Bank of India and Belgium?s KBC Asset Management would soon start mutual fund operations in India, Prince Philippe of Belgium, who inaugurated the head office of the new venture on Friday in Mumbai, said. While the bank would hold 51% stake in the venture, KBC will have the rest. Both are awaiting regulatory approval from the (Sebi) before kickstarting operations.
MV Nair, CMD of UBI, said, ?We will be jointly investing 50 million euros (around Rs 300 crore) in mutual fund operations (over the long term) and expect to get the final nod in next two-three months?. G Pradeepkumar has been appointed the chief executive officer for the new venture.
Initially, the fund house plans to launch a liquid fund, followed by equity schemes, Pradeepkumar said.