The partnership will seek to capitalize on each other’s respective strengths in distribution and investment expertise in the Indian and international markets.
ICICI Prudential AMC has entered into a partnership with Nordea Investment Management AB, Sverige (Nordea AM), says a company press release. The asset management entity of the Nordea Group is a leading financial services group with market capitalization of EUR 24 Bn (USD 30 Bn).
Nordea is the largest financial group in Northern Europe and amongst Top-10 Banks in Europe with a market capitalization of EUR 24 Bn (USD 30 Bn), total assets of EUR 716 Bn (USD 895 Bn) and tier-one capital ratios of 11.20%.
The partnership will seek to capitalize on each other’s respective strengths in distribution and investment expertise in the Indian and international markets.
Nordea will showcase ICICI exclusively as its Indian advisor/sub-advisor of choice throughout its retail, private banking and institutional segments across Europe. ICICI will offer advisory/sub-advisory services to Nordea AM’s India focused assets.
The partnership begins with ICICI providing advisory/sub-advisory services to the “Nordea 1 India Equity Fund” to be launched in Europe.
ICICI Prudential AMC has already received the mandate to offer advisory/sub-advisory services to Nordea’s existing Indian fund assets of around USD 250 Mn.
Speaking on the partnership Nimesh Shah, MD & CEO, ICICI Prudential AMC said “This partnership brings together two reputed asset management companies that can leverage on their strengths of investment expertise & distribution to provide the best value to their investors. This partnership will help positions India as an attractive investment destination and ICICI Prudential AMC as an investment manager of choice for investors across Europe and globally.”
Allan Polack, CEO of Nordea Asset Management said “We are happy to have a partnership with ICICI Prudential AM - a leading and competent asset manager. Our partnership is a matter of close cooperation, knowledge-sharing and developing new opportunities for the European and Indian markets.”
