UBS has bought the Indian funds business of Standard Chartered bank for $118m (€91m), marking its first major commitment to the country's $73bn mutual funds market.

Standard Chartered Asset Management Company, with $3.2bn under management and about 60 employees, was founded in 1999 and is the ninth-largest mutual fund manager in India.

UBS books route into India with $118m Standard Chartered buy

Mark Cobley

Standard Chartered

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