Reliance -Samsung tie up to become global giants
Published on April 24, 2015 13:01:30 PM
Korean-based asset management company, Samsung Asset Management Co, Limited which is an arm of Samsung Capital, has entered in to strategic alliance with Anil Ambani led Reliance Capital Asset Management to expand and strengthen its presence in the global markets.
Under the MoU, both the companies seeks to progress and identify business opportunities by leveraging upon their specific investment in active and passive strategies by developing, distributing, marketing and managing each other’s investment products in India and Korea.
The motto of Reliance behind the pact is to offer world class products by increasing its product portfolio to Indian and global investors. Reliance Capital Asset Management currently advices and manages over $1.5 billion offshore assets.
Samsung Asset Management is the Korea’s largest asset management firm with $ 165.8 billion assets as on February 2015. Samsung AMC is leader in Korea with 51 per cent of market share in ETF as on August 2014. It has subsidiaries in US and Hong Kong and is planning to acquire Samsung Life’s London subsidiary within this year.
Sundeep Sikka of Reliance Capital Asset Management and Sung Hoon Koo of Samsung Asset Management in Seoul have signed the agreement in South Korea on Friday.