UBS Global Asset Management has partnered with India's Reliance Capital Asset Management to explore growth opportunities for each other's businesses inside and outside of the country.

Under the memorandum of agreement, both firms will apply each other's expertise to the Indian market, which has grown by some 13 per cent per annum since 2008. The Indian asset management market is currently valued at $160 billion and is expected to post 10 per cent compound growth in the next years.

UBS Global Asset Management is one of the largest asset management firms in the world, with offices in more than 50 countries. About 12 per cent of its workforce is based in Asia-Pacific. Reliance Capital records around $30.4 billion in assets under management and has at least 20 million clients in India.