Shinsei Bank, a Japan-based financial services firm, has entered into an agreement with Daiwa Securities Group and Daiwa Asset Management, to sell its entire stake, currently held through wholly owned subsidiaries engaged in the asset management business in India, reported The Asian Banker.

The subsidiaries to be sold are Shinsei Asset Management (India) (AMC) and Shinsei Trustee (India), which acts as administrator and fiduciary for the mutual funds established by the AMC. The sale is as part of Shinsei’s strategy to focus on its core strengths.

In 2007, AMC was formed by Shinsei in India, and it has been active in the asset management business in domestic market including sales of mutual funds.

Sanjay Sachdev, general manager and country manager of India will be leaving the firm to pursue other entrepreneurial opportunities. He has been responsible for helping drive Shinsei Bank’s business strategy and principal investments business and providing access to a pipeline of opportunities for the investment advisory business in India.

He established partnerships for Shinsei with UTI Asset Management to build a successful offshore business in Singapore and an onshore business for Shinsei in India in partnership with Rakesh Jhunjhunwala.

However, over the next few months, he will assist with the closure of the sale of Shinsei Bank’s asset management business in India to Daiwa Securities Group.

However, the transaction is subject to the regulatory approval of the Indian authorities.