Nikko-Ambit JV targets $1 billion AUM in three years

Having acquired fund houses in Australia and Singapore in the past year or so, Nikko Asset Management has taken a different tack in India: signing a joint venture with an investment advisory firm. The Japanese asset manager had signed a memorandum of understanding with Mumbai-based financial services group Ambit Holdings Private back in 2007 with a view to creating a JV, but the financial turmoil has not been conducive to launching an onshore business. Ambit did, however, incorp…