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Bengaluru, Oct 15
Union Asset Management, a subsidiary of Union Bank and Dai-Ichi Life Holdings, has opened its new office in Bengaluru. The importance of the southern market, particularly Bengaluru, has gone up significantly, making it one of the key markets for the fund, said G. Pradeepkumar, CEO of Union Asset Management Company.
Larger engagement profile
The asset management fund was launched in 2011. Its business model has changed during the last two to three years. The CEO explained, “We began actively collaborating with outside distributors in 2018–19. Before that, we would only collaborate on distribution with Union Bank. In the past three years, we have developed into a full-fledged, typical AMC.”
The new office is 1,500 square feet, about twice as big compared to the previous office. “Earlier, most of our business used to be within the Union Bank, but today we have a greater level of interaction with mutual fund distributors and are also working with banks,” said Pradeepkumar. With a larger engagement base than before and as they continue to grow team base, the fund saw a need to have a larger office,” he added. The company has an overall headcount of 330 people across all its operations.
In FY 2022, assets under management of UAM stood at ₹9,111 crore. “By the end of this year, we expect to have doubled our AUMs to ₹16,000 crore.” The asset management company has 18 offices and a sales presence in over 125 locations across the country.
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