Union Mutual Fund started its operations in 2011. It was originally co-sponsored by Union Bank of India and KBC Participations Renta, a 100% subsidiary of KBC Asset Management NV. Subsequently, Union Bank of India acquired the entire shareholding held by KBC Participations Renta in Union Asset Management Company Private Limited and Union Trustee Company Private Limited, which constituted 49% (forty-nine per cent) of: (a) the paid-up equity share capital of Union Asset Management Company Private Limited; and (b) the paid-up equity share capital of Union Trustee Company Private Limited. The Board of Directors of Union Asset Management Company Private Limited (“Union AMC”) and Union Trustee Company Private Limited approved the aforesaid transfer of shares on September 20, 2016.
On 17th May 2018, Dai-ichi Life Holdings, Inc. invested in Union AMC to the extent of 39.62% of the post issue share capital of Union Asset Management Company Private Limited. Consequently, Union Bank of India and Dai-ichi Life Holdings, Inc. have become Co-sponsors of Union Mutual Fund. Union Asset Management Company Pvt. Ltd. is a subsidiary of Union Bank of India.
Talking about its sponsors, Union Bank of India is headquartered in Mumbai and was founded 1919 it is into existence for more than 100 years now. As of June 2019, its gross advances are ₹3,21,473 Crores and total deposits of ₹4,30,014 Crores. It boasts of extensive network of 4288 branches across India and three overseas branches in Hong Kong, Sydney and Dubai, in addition to representative office in Abu Dhabi and 1 overseas subsidiary office.
On the other hand, Dai-ichi Life Holdings, Inc. ("Dai-ichi Life") is a stock company with limited liability, incorporated under the laws of Japan in the year 1902 and listed on the Tokyo Stock Exchange. Dai-ichi Life is a financial services holding company engaged in carrying out both insurance and non-insurance (including asset management) businesses through various subsidiaries and affiliated companies.
Over the past 10 years, Dai-ichi Life has expanded its business globally and is currently engaged in the life insurance sectors of 6 jurisdictions other than Japan. In addition to the life insurance business, Dai-ichi Life is also engaged in the business of asset management and has setup a trilateral business structure to cover the asset management markets of Japan, Europe and USA. Dai-ichi Life carries out asset management business in Japan and overseas through its group company /affiliates, Asset Management One Co. Ltd. and the Janus Henderson Group. Asset Management One Co. Ltd. and Janus Henderson Group are emerging global asset management companies that provide customers with high quality products and services. Combined asset under management of these two entities as on 31st March 2018 stood at ¥97 trillion. Dai-ichi Life is a committed and reputable player in the insurance and asset management business.
The AMC is headed by the Chief Executive Officer, Mr. G Pradeepkumar. He is B. TECH, PGDM (IIM Ahmedabad) with an overall experience of more than 27 years in Investment Funds business in India and abroad. He is ably supported by various other functional heads in various capacities.
The Investment function is headed by the Chief Investment Officer, Mr. Vinay Paharia. He has over 16 years of experience in Fund Management and Equities. In his previous stints he has worked in various capacities with Invesco AMC (India), DBS Cholamandalam AMC, K R Choksey Shares and Securities Pvt Ltd and First Global Stockbroking Pvt Ltd.
The AMC currently manages 14 open ended schemes falling under Equity (5), Debt (4) & Hybrid Category (3) and two close ended schemes. The combined average Asset Under Management for the month of July 19, from these schemes stood at ₹3,977.52 Crores.
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Statutory Details: Constitution: Union Mutual Fund has been set up as a Trust under the Indian Trusts Act, 1882; Sponsors: Union Bank of India and Dai-ichi Life Holdings, Inc.; Trustee: Union Trustee Company Private Limited, [Corporate Identity Number (CIN): U65923MH2009PTC198198], a company incorporated under the Companies Act, 1956 with a limited liability; Investment Manager: Union Asset Management Company Private Limited, [Corporate Identity Number (CIN): U65923MH2009PTC198201], a company incorporated under the Companies Act, 1956 with a limited liability. Registered Office: Unit 503, 5th Floor, Leela Business Park, Andheri Kurla Road, Andheri (East), Mumbai - 400059.Toll Free No. 18002002268 ∙ Non Toll Free. 022-67483333 ∙ Fax No: 022-67483401 ∙ Website: www.unionmf.com ∙ Email: email@example.com.