- Madhu Nair: “Gujarat will be the growth engine of our retail investor expansion”
- Saurabh Jain: “Our GIFT City plans will position Union MF as a global bridge for Indian investors”
- AMC eyes innovation, investor education, and digital expansion as key pillars of growth in Gujarat
NE BUSINESS BUREAU
AHMEDABAD, OCT 15
In a move that underscores its growing commitment to western India, Union Mutual Fund (Union MF) — sponsored by Union Bank of India and Dai-ichi Life Holdings, Inc. — has announced the relocation of its Ahmedabad office, designating it as the state hub for all Gujarat operations.
The new office was inaugurated by Madhu Nair, Chief Executive Officer, and Saurabh Jain, Chief Marketing Officer, in the presence of senior regional representatives, distributors, and partners.
The new office is ideally located at Majestic Plaza near Law Garden.
“Gujarat will be the growth engine of our retail investor expansion”
Speaking at the inauguration, Madhu Nair, CEO, said, “Gujarat has always been a vital market for us, given its strong investor base and growing awareness about mutual funds. With this relocation, we are better positioned to serve our investors and partners, offering improved access and engagement. As investor awareness continues to rise across Gujarat, we look forward to playing a pivotal role in helping them plan and manage their financial goals responsibly.”
He added that the new Ahmedabad office will act as the nerve centre for Union MF’s operations in Gujarat, enabling the AMC to build stronger relationships with investors, distributors, and regional partners, while furthering the goal of financial inclusion.
According to SEBI’s Investor Survey, Gujarat’s urban household participation rate in the securities market stands at 15.4%, higher than the national urban average of 15% and well above the overall national average of 9.5%. The state’s strong economic performance — with per capita income 40% higher than the national average and a 9% contribution to India’s GDP — makes it a natural growth hub for financial services.
Reflecting this momentum, Union MF’s Assets Under Management (AUM) in Gujarat have grown by 28% in the past year (March 2024–March 2025), mirroring the state’s rising appetite for systematic investment and financial planning.
“GIFT City gives India a world-class platform — we plan to leverage it fully”
Commenting on Union MF’s recent foray into GIFT City, Saurabh Jain, CMO, said, “GIFT City represents India’s aspirations to become a global financial hub, and we see immense potential there. Union Mutual Fund plans to launch India-focused offshore funds and global feeder structures from the IFSC platform. This will allow NRIs and foreign investors to participate directly in India’s growth story through transparent and well-governed vehicles.”
He added, “Gujarat’s strategic position — with GIFT City, a deep investor base, and a vibrant entrepreneurial culture — makes it ideal for our next phase of growth. Our vision is to make Union MF a trusted bridge connecting India’s savings with global investment opportunities.”
Expanding Distribution and Digital Reach
Union Mutual Fund currently operates offices in Ahmedabad, Rajkot, Vadodara, and Surat, supported by sales presence in four additional locations and a network of 443 Union Bank of India branches across Gujarat. This strong regional base will enable the AMC to extend its distribution network and investor servicing capabilities.
Nair noted that Union MF plans to conduct a series of Investor Awareness Programs (IAPs) and financial literacy workshops across tier-2 and tier-3 cities in Gujarat in FY 2025–26.
“Our focus is on simplifying investments through digital solutions and empowering distributors through technology-enabled engagement,” he said.
Union MF is also exploring new product launches across equity, hybrid, and passive segments, while integrating digital onboarding and AI-driven advisory tools to improve investor experience.
A Vision Aligned with “Viksit Bharat”
Jain emphasised that Union MF’s strategy aligns with India’s Viksit Bharat 2047 vision.
“Our aim is to democratise investing — to make mutual funds accessible, affordable, and transparent for every Indian household. Gujarat, with its enterprising spirit, will continue to play a pivotal role in this journey,” he said.
The opening of the new Ahmedabad office marks another milestone in Union MF’s mission to bring investment opportunities closer to retail investors, fostering long-term wealth creation and financial empowerment.
