The Hindu Business Line : Nikko, Ambit to set up AMC

Nikko Asset Management Co Ltd and Ambit RSM Pvt Ltd have agreed to set up an asset management joint venture in India. Nikko Asset Management is expected to hold 74.9 per cent of the company's stock with Ambit holding the rest. The two firms plan to commence the formal licensing process with the Indian financial regulators. "With its vast people resources, progressive regulators, favourable demographics and an economy growing more than eight per cent per annum, India is not only an attractive destination for foreign capital in general but also is a promising market for asset management in particular," said Mr Bill Wilder, President and CIO, Nikko AM.

The Nikko AM group is an FII in India via the group's regional base in Singapore.

Ambit is a financial services group in India with interests in investment banking, private equity, stock broking and consulting.

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