iFast, Deutsche Bank AMC tie up for MF distribution in India
The asset management arm of global banking major Deutsche Bank and iFast Corporation Singapore have entered into an agreement to set up an independent mutual fund distribution platform.
By PTI |
MUMBAI: The asset management arm of global banking major Deutsche Bank and iFast Corporation Singapore have entered into an agreement to set up an independent mutual fund distribution platform in India.
The distribution platform will be for retail investors and Independent Financial Advisors, a release here stated.
iFast Corporation owns and operates Singapore's largest mutual fund investment platform for financial advisers and financial institutions.
The business will be controlled by iFast and carry its name while a local Indian team will be recruited to operate the firm.
Deutsche Bank's Asset Management division, through Deutsche Asia Pacific Holdings Pte Ltd, Singapore, will pick up a minority stake in the venture, the release added.
The venture's first offering will be the online mutual fund distribution portal Fundsupermart.com, which will allow retail investors to invest in mutual fund products of various asset management companies in India.
The portal will offer tools to users to compare mutual fund products, check the value of their holdings and perform calculations.
"iFast is a proven, entirely internet-based operation which gives us tremendous competitive advantages in terms of scalability, technology and responsiveness," company Group Executive Director Moh Hon Meng said.
iFast has already expanded to Hong Kong and Malaysia.
The distribution platform will be for retail investors and Independent Financial Advisors, a release here stated.
iFast Corporation owns and operates Singapore's largest mutual fund investment platform for financial advisers and financial institutions.
The business will be controlled by iFast and carry its name while a local Indian team will be recruited to operate the firm.
Deutsche Bank's Asset Management division, through Deutsche Asia Pacific Holdings Pte Ltd, Singapore, will pick up a minority stake in the venture, the release added.
The venture's first offering will be the online mutual fund distribution portal Fundsupermart.com, which will allow retail investors to invest in mutual fund products of various asset management companies in India.
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The portal will offer tools to users to compare mutual fund products, check the value of their holdings and perform calculations.
"iFast is a proven, entirely internet-based operation which gives us tremendous competitive advantages in terms of scalability, technology and responsiveness," company Group Executive Director Moh Hon Meng said.
iFast has already expanded to Hong Kong and Malaysia.
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