UOB Asset Management (UOBAM), the fund management unit of United Overseas Bank, has entered into an alliance with UTI, one of India's biggest fund managers, to offer joint funds and investment services.

Under the arrangement, UOBAM will work with UTI International (Singapore) or UTIIS, an indirect subsidiary of UTI Asset Management Co or UTI AMC, to launch new funds and offer a range of other investment services.

The first joint product, which will be an equity fund, is likely to be launched by this year.

UOBAM had $13.5 billion in assets under management at the end of June 2009. It manages 44 unit trusts in Singapore, with total assets under management of $2.4 billion.

The firm also has investment and business operations in Malaysia, Thailand, Brunei, Japan and Taiwan.