Shinsei AMC is renamed as Daiwa AMC post completion of buyout
Mumbai, Daiwa Asset Management Co. Ltd. (“DAM”), the asset management arm of the Japan-based Daiwa Securities Group, has launched its business in India. DAM manages over 300 funds investing in various asset classes with assets under management of over $115 Billion as on September 30, 2010.
Toshiro Ishibashi, President, DAM, said, “The launch of the Daiwa Asset Management in India is consistent with our stated strategy of investing primarily in Asia and the faster growing emerging markets. This investment in India is of strategic importance to the Daiwa Securities Group as it gives us a foothold in potentially, one of the largest retail asset management markets in the world.”
Piyush Surana, CEO, Daiwa Asset Management (India) Pvt. Ltd., said, “Daiwa has a strong brand recall in the international arena and the Daiwa Securities Group comes with more than 100 years of history. The asset management industry in India is going through an evolutionary phase and the experience and credibility which Daiwa brings to the table are significant pluses for us.”
Takashi Yamaguchi, who is DAM’s official representative in India who has also been nominated as the Joint CEO for the Indian business, added, “This venture fits well with our global and emerging markets-led strategy. We are happy to be here and are sure that we will be received well by the investor community.”
In March 2010, the Daiwa Securities Group had announced a buy-out of Shinsei Asset Management (India) Pvt Ltd. Post the completion of this acquisition in December 2010, the company has been renamed Daiwa Asset Management (India) Pvt. Ltd.
Consequent to the above acquisition, the other associated entities, Shinsei Trustee Company (India) Private Limited and Shinsei Mutual Fund along with three existing schemes have all been re-named as Daiwa entities.
