Union AMC to provide advisory services to FPI

Union AMC on Friday said it has ventured into the business of providing management and advisory services to foreign portfolio investors.

To begin with, Union Asset Management Company (Union AMC) will provide investment management and advisory services to an offshore fund which is registered as a foreign portfolio investor with markets regulator Sebi, the fund house said in a statement.

This fund is a Mid- and Small-Cap Fund, and would be benchmarked against Nifty Mid-Small cap 400 Index.

"We are delighted to venture into this new area of business. This is just the beginning of what we expect to be an exciting business opportunity. We are especially thankful to our sponsors for their support in this venture," Union AMC Chief Executive Officer G Pradeepkumar said.

Union AMC is co-sponsored by Union Bank of India and Japan's Dai-Ichi Life Holdings.