Cathay SITE and Nippon Life India Asset Management Limited sign Letter of Intent for an exclusive strategic collaboration

Cathay SITE (Securities Investment Trust) the largest Asset Manager in Taiwan, today signed a Letter of Intent (LOI) for an exclusive strategic collaboration with Nippon Life India Asset Management Limited (NAM India), a subsidiary of Nippon Life Insurance, one of the largest life insurance companies in Japan.

Cathay SITE is the largest asset management company in Taiwan, with assets under management totalling $26.76 billion. Cathay is also the largest segregated account manager in Taiwan Equity market for Taiwan public pensions. The LOI was signed by Mr. Sundeep Sikka, ED and CEO, Nippon Life India Asset Management and Mr. Andy Chang, CEO, Cathay SITE, today.

As a part of the LOI, both CATHAY SITE & NIMF will work exclusively with each other and use their expertise to explore areas for developing, managing, marketing and distributing each other's investment products in India and Taiwan. Both companies will seek to develop and explore business opportunities in active and passive strategies, leveraging upon their specific investment and distribution reach, in India and Taiwan.

NAM INDIA's ED and CEO, Sundeep Sikka, said NAM INDIA was delighted to be partnering with Cathay in order to expand its offerings to their investors and give them access to such a unique international market. "Cathay's reach and breadth of products offerings will enable Indian investors to have much needed diversification out of their local market by providing access to a sophisticated, technology heavy market. This exclusive partnership would enable Indian investors to partake of a unique high technology, high growth market and diversify the basket of products available, which they can choose from as per their investment appetite", Mr. Sikka said.

He further added "Our objective at NAM INDIA is to become a global asset manager based out of India. In India, whenever we talk about asset management, it is mostly about mutual funds but from our perspective, the idea is to build a true-blue asset management company, which has presence across mutual funds, ETFs, off-shore funds, private equity, venture and alternative funds. This strategic collaboration is a step in that direction."

Cathay's CEO, Andy Chang, was excited about the prospect of introducing Indian investors to the Taiwanese market. "Taiwan is a global leader in technology, for example in chip research and design. Cathay is excited to provide the Indian investor access to this market. India's emerging, and large middle class is looking to invest its new-found prosperity, and this would allow them exposure to a unique market. Our exclusive partnership with NIMF will allow us access to their large and sophisticated investor base and, in turn, NIMF's investors will be able to benefit through a diversification of their holdings via the products we are looking to introduce/ launch", Mr. Chang said.

Cathay SITE is the largest asset management company in Taiwan and has a comprehensive range of product line for both retail and institutional clients. Regardless of how the market changes in the future, Cathay SITE remains wholly committed to providing their clients with the most optimal investment solutions.

NIMF is one of India's leading mutual funds and offers a well-rounded portfolio of products to meet varying investor requirements, such as funds and ETFs in India, ranging from equities to debt instruments.

Shares of Nippon Life India Asset Management Ltd was last trading in BSE at Rs.329.3 as compared to the previous close of Rs. 326.8. The total number of shares traded during the day was 34920 in over 1341 trades.

The stock hit an intraday high of Rs. 331.9 and intraday low of 323. The net turnover during the day was Rs. 11408476.

Source : Equity Bulls

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