Union Bank of India is expecting that SEBI will give it the required nod in a few months. The first fund of the newly formed entity will be offered in the last part of this year, the Chief Executive Officer of the JV, Mr G. Pradeepkumar has said. Recruitment for the fund management team will start in the next few weeks, as it is being planned. The JV will churn out open-ended equity funds, capital-protected investment funds and other products targeted at the retail consumers.
The Mutual fund market in India has witnessed huge growth in the recent years and Union Bank of India wants to utilize the opportunity. In the initial stage, the mutual fund operations will rely on the existing branches of the bank, as it has been learnt. It may also tie up with other banks later.