UTI AMC Plans To Set Up Office In S`pore

The UTI Asset Management Company plans to set up an office in Singapore by June to take advantage of the double tax avoidance pact with country for its offshore funds in South East Asia region. At present, the company has offices at London, Dubai, Bahrain and these offices operate the offshore schemes through Mauritius route. But once Singapore office becomes operational new products are expected to be unleashed through Singapore route to take advantage of the tax benefits under the Comprehensive Economic Cooperation Agreement signed between India and Singapore. This fund to be christened as 'Global navigator' will be launched sometime in April or May. The company already received $190 million from Shinshei Bank of Japan during Jan-Feb, which is being invested in Indian equity market.