Union Innovation & Opportunities Fund

Union Mutual Fund, the investment arm of Union Bank of India, has been a significant player in India's asset management sector for over a decade. Established in December 2009, the AMC aimed to build a robust asset management portfolio in India. Leveraging the extensive client base of Union Bank of India, the AMC capitalized on its established network. It initially operated in collaboration with KBC Asset Management NV, a Belgium-based AMC, under the name Union KBC Mutual Fund, where Union Bank maintained the majority stake of 51%, and with KBC holding a 49% share. The partnership concluded in 2016 as KBC withdrew from the agreement, leading to Union Bank of India acquiring their shares, thus making Union Mutual Fund its wholly-owned subsidiary. In 2017, Dai-ichi Life, a prominent Japanese financial services company, acquired a 39.62% stake in the AMC. As of December 2023, the fund house reported assets under management (AUM) averaging Rs. 13,594 crores.