The Hindu Business Line : Taib Bank to set up AMC

BANGALORE: Global investment major Taib Bank plans to set up an asset management company in India by June-end, the Vice-Chairman and Chief Executive Officer, Mr Iqbal G. Mamdani, said. The bank may either bring in fresh capital to set up the new entity or pick up strategic stake in an existing AMC. "The details are being worked out,'' he said.

The AMC is likely to float and manage funds aimed at niche areas, said Mr Girish Nadkarni, Chief Executive Officer, Taib Securities. However, he declined to divulge further details on the issue. Several foreign financial institutions, including AIG and BNP Paribas, are keen to pick up equity stake in domestic mutual funds and asset management companies.

Ruling out a dedicated bio-technology fund in India, Mr Mamdani said Taib has such a fund in the US and decisions in that regard would be shaped by developments in the local bio-tech industry. However, Taib would "look into'' bio-tech firms that are into services and data-management business, he said. "Currently, we are focused on software services,'' he added.

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