Published:
UOB subsidiary sets up JV with Sumitomo Mitsui Asset Management
Paid-up capital will be at least S$1 million.
United Overseas Bank Limited announced that its wholly-owned subsidiary UOB Asset Management Ltd has entered into an agreement with Sumitomo Mitsui Asset Management Co., Ltd to set up a 50%:50% joint venture fund management company in Singapore.
The joint venture company, to be named “UOB-SM Asset Management Limited”, is primarily intended to expand the distribution of UOBAM’s and SMAM’s investment capabilities in the Asian markets, and for UOBAM and SMAM to co-develop and co-manage products to be sold through the JV company.
The establishment of the JV company is subject to the relevant regulatory approvals.
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