Shinsei, Jhunjhunwala team up for MF venture

Japanese financial services major Shinsei Bank is said to have joined hands with leading proprietary investor Rakesh Jhunjhunwala for its mutual fund venture in India. According to people familiar with the development, Shinsei owns a 75% stake in the mutual fund arm, Mr Jhunjhunwala holds 15%, and Freedom Financial — promoted by Sanjay Sachdev, the India head of Shinsei Corporate Advisory Services, holds the remaining 10%. Shinsei Asset Management, which received Sebi approval last month, has chosen to take a conservative approach, and on Monday filed for its debut PSU Bond Fund. With the stock market in the doldrums, most investors are showing a marked preference for debt instruments. In 2007, the Japan-based bank had roped in N Sethuram, former chief investment officer of SBI Mutual Fund. It now has a team of around 35 people.
Source: ET