Reliance MF Ropes In Samsung AMC For Strategic Alliance
MUMBAI: Top fund house Reliance Capital Asset Management Company today roped in the largest Korean asset management firm Samsung AMC for a strategic alliance, which will allow the two companies to manage, market and distribute each other's investment products in India and South Korea.
Samsung AMC, which manages assets worth over USD 165.8 billion and part of Samsung Group, is also looking to explore opportunities in the ETF market in India through this partnership.
RCAM, which runs Reliance Mutual Fund, is part of Anil Ambani-led conglomerate Reliance Group's financial services arm Reliance Capital, which already has strategic tie-ups with financial services giants, including Nippon Life from Japan for its insurance and mutual fund businesses, among others.
As part of the new MoU, signed today in Seoul by RCAM CEO Sundeep Sikka and Samsung AMC chief Sung Hoon Koo, both the companies "will use their expertise to explore areas for developing, managing, marketing and distributing each other’s investment products in India and Korea," they said in a joint statement.
The two firms will also seek to develop and explore business opportunities in active and passive strategies, leveraging upon their specific investment and distribution reach, in India and Korea.
RCAM said the alliance between two leading asset management companies will provide both Korean and Indian investors, seeking exposure in global equities, with enhanced investment opportunities and significant diversification benefits.