Zurich-based UBS announced Friday it had bought the $3.21 billion Indian mutual fund arm of London-based Standard Charter PLC. The $119 million deal calls for the Swiss bank to forge a distribution alliance with the British bank, according to the Associated Press. While Standard Charter will provide distribution to UBS throughout Asia, the Middle East and Africa, Standard Charter will gain use of UBS Investment Bank products. The Acquisition adds 16 funds to UBS’s suite, including 10 fixed income, four equity and two asset allocation funds. With 60 employees, Standard Chartered Asset Management controls about 4% of the Indian marketplace. Terms of the agreement are not yet final. “As the regulatory environment continues to develop, domestic investors will—as has been the case in other markets—increasingly look to global financial service firms to provide innovative investment solutions,” said UBS Global Asset Management Chief Executive John Fraser. The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.
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