Singapore's United Overseas Bank said on Tuesday its fund management arm has formed an alliance with a unit of India's UTI Asset Management to jointly launch and distribute mutual funds.

"The first initiative of the alliance is an equity fund that both parties have jointly developed," UOB Asset Management (UOBAM) said in a statement. "The features of the fund will be announced at a later date", it said.

UOBAM manages about S$13.5 billion ($9.36 billion) in assets and has business operations in Singapore, Brunei, Japan, Malaysia, Taiwan and Thailand.

Its partner UTI International (Singapore) is a joint venture involving India's largest mutual fund company UTI, Shinsei Investments, and another firm.

UTI manages around $15 billion and its funds are distributed in 450 of India's 620 districts, UOBAM said.