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 –
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|
|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.