Union Bank, Edelweiss JV for wealth management service

Union Bank of India (UBI) in tie up with Edelweiss Securities has launched wealth management services for its high networth clients in Mumbai. Under the terms of the tie up, Edelweiss will be offering wealth management products and alternative investment options such as structured products, reals estate funds and art fund to UBI's HNI clients besides equity and debt investments.

The service will be initially offered to the clients in Mumbai, Pune, Ahmedabad and Kolkata.

MV Nair, chairman and managing director of UBI said, we anticipate the future needs of the customers and respond to it. "The agreement will help increase alternative investment avenues for UBI's customers, but also generate as additional fee based income for the bank," he said.

 

"Edelweiss was amongst one of the preferred tie-up after conducting due diligence on several wealth management companies,"he added.