Union Mutual Fund

In the last decade, Union Asset Management Co. Pvt. Ltd. has emerged as one of the top players in India’s asset management sector as the investment wing of the prestigious Union Bank of India. Popularly known as Union Mutual Fund, the company’s vision ever since its inception in 2009 has been, “be the bridge of opportunity for investors to achieve sustainable prosperity through responsible investing in the capital markets.”

Established in December 2009, Union Mutual Fund collaborated with KBC Asset Management NV – a premium AMC based in Belgium – to start off their first mutual fund company under the name ‘Union KBC Mutual Fund.’ The collaboration saw a 49%-51% partnership between Union Bank of India and KBC Asset Management NV.

However, after seven years of running a successful AMC, the partnership entered a resolution in 2016, making UBI the sole proprietor of Union Mutual Fund for a brief period. Thereafter in 2017, Union Bank entered into a fresh partnership with Dai-ichi Life, one of Japan’s major financial services companies. The latter acquired a 39.62% stake in the AMC, and thus, Union Mutual Fund got its new name – Union Asset Management Co. Pvt. Ltd. 

The Major Sponsors of Union Asset Management Co. Pvt. Ltd.

1. Union Bank of India

Union Bank of India is a major public bank in India, and it completed 100 years in 2019. As of May 31, 2019, Union Bank of India has one representative office, three international branches (Hong Kong, Antwerp, and Sydney), and 9,312 domestic branches. UBI has total assets worth $140 billion and an employee strength of 78,202 (F.Y. 2021). 

2. Dai-ichi Life

Dai-ichi Life Holdings, Inc. is a limited liability stock company incorporated in Japan in 1902 and listed on the Tokyo Stock Exchange. It is a globally renowned holding company with a presence in insurance and non-insurance businesses through a league of associate companies and subsidiaries. Dai-ichi Life’s global asset management company, known as Asset Management One Co. Ltd., is responsible for managing the non-insurance businesses of the organization in Japan and overseas. Together with Union Bank of India, Dai-ichi Life manages Union Asset Management Co. Pvt. Ltd. The total net assets of Dai-ichi Life is $347 billion. 

Currently, Union Asset Management Co. Pvt. Ltd. has about 18 mutual fund products listed in the market across debt, equity, and hybrid schemes. The degree of risks and returns vary with different schemes.

Top 10 Union Mutual Funds Schemes –

Fund Name
Category
Risk
1Y Returns
Rating
Fund Size (in Cr)
Union Small Cap Fund – Direct Growth Equity Very High 5.34 3 585
Union Long Term Equity Fund – Direct Growth Equity Very High 2.61 3 489
Union Flexi Cap Fund – Direct Growth Equity Very High -0.03 4 1,063
Union Value Discovery Fund – Direct Growth Equity Very High 3.03 3 132
Union Balanced Advantage Fund – Direct Growth Hybrid Moderate 1.29 4 1,830
Union Largecap Fund – Direct Growth Equity Very High -0.07 3 219
Union Equity Savings Fund – Direct Growth Hybrid Moderate 1.08 3 159
Union Corporate Bond Fund – Direct Growth Debt Moderate 2.40 2 423
Union Dynamic Bond Fund – Direct Growth Debt Moderate 0.30 1 104
Union Arbitrage Fund – Direct Growth Hybrid Low 3.90 3 93
Union Liquid Fund – Direct Growth Debt Moderately Low 3.67 4 1,013
Union Overnight Fund – Direct Growth Debt Low 3.50 3 87
Union Midcap Fund – Direct Growth Equity Very High 2.92 - 428
Union Medium Duration Fund – Direct Growth Debt Moderate 1.32 2 197
Union Large & Midcap Fund – Direct Growth Equity Very High 3.00 - 317
Union Hybrid Equity Fund – Direct Growth Hybrid Very High 0.17 - 542
Union Money Market Fund – Direct Growth Debt Moderately Low - - 127
Union Focused Fund – Direct Growth Equity Very High 1.72 - 291

Here are all the important details about Union Asset Management Co. Pvt. Ltd. for you to know before you choose to invest your money with Union Mutual Fund – 

1. . Fund Name Union Mutual Fund
2. Incorporation December 30, 2009
3. Inception  March 23, 2011
4. Sponsors Union Bank of India and Dai-ichi Life Holdings, Inc
5. Trustee Union Trustee Company Pvt. Ltd.
6. Chairman  Rajkiran Rai G.
7. MD and CEO G. Pradeepkumar
8. CIO Vinay Paharia
9. Investor Service Officer Joseph Idichandy
10. Compliance Officer Padmaja Shirke

Union Asset Management Mutual Funds – Top Managers

1. Mr. G. Pradeepkumar

Mr. G. Pradeepkumar is the current CEO and Managing Director of Union Asset Management Co. Pvt. Ltd. One of India’s most influential personalities in the mutual fund industry, Mr. Pradeepkumar has a PGDM from IIM Ahmedabad. He has worked with various companies in vital positions, like UTI International Ltd. (Director and CEO) and IDFC Investment Advisors Ltd. (Chief Marketing Officer). 

2. Mr. Vinay Paharia

With over 16 years of experience in the financial services industry, Mr. Vinay Paharia commenced his career at Global Stockbroking Pvt. Ltd. as an equity research analyst and is currently working at Union Management Co. Pvt. Ltd. as its Chief Investment Officer. Academically, Mr. Vinay Paharia has an MMS degree in Finance from Welingkar Institute of Management and holds a CFA from the Institute of Chartered Financial Analyst of India. Mr. Paharia’s vast experience has given him a deep understanding of the mutual funds market. He currently manages more than nine Union Mutual Fund schemes with an aggregated AuM of Rs. 1,793 crores. 

3. Mr. Parijat Agrawal

The Head of Fixed Income in Union Asset Management Co. Pvt. Ltd., Mr. Parijat Agrawal has immense experience in mutual funds and financial services spanning over two decades. Mr. Agrawal has been associated with Union Mutual Fund since the company’s inception. He has a B.E. in Electronics and Communications and a PGDM from IIM Bangalore. His portfolio has seen him work in influential positions at some of the most prestigious companies, such as SBI Mutual Fund, State Bank of Mauritius Limited, and Sun F&C Asset Management.

4. Mr. Anindya Sarkar

Backed with an experience of over 18 years in the financial services industry, Mr. Anindya Sarkar is one of the most important persons behind the success of Union Asset Management Co. Pvt. Ltd. He is currently working as the Fund Manager – Fixed Income in the asset management company. He joined the AMC as the Vice President (Risk Management) and worked in the portfolio for eight years before becoming the Fund Manager in the Fixed Income sector. He has a B.E. in Civil and a double MBA in finance and risk and insurance.