Leading Indian asset manager Kotak partners with HANetf to enter European UCITS ETF market

March 2026, London

HANetf, Europe’s first and leading white-label UCITS ETF and ETC platform,[1] is delighted to partner with Kotak Mahindra Asset Management (Singapore) Pte Ltd (“Kotak”), the international asset management arm of the Kotak Group, on the Indo-Pacific defence ETF.

Kotak Group, one of India’s leading financial services conglomerates, was established in 1985 and manages a consolidated AUM of USD 87.55 billion as of 31 Dec 2025. The group is recognised for its strong capabilities across commercial banking, personal finance, securities broking, investment banking, asset management, life & general insurance and wealth management. India is emerging as a key strategic and economic force in the Indo-Pacific region and partnering with Kotak brings strong local insight and on-the-ground expertise to this defence theme.

Within this broader USD 87.55 billion platform, Kotak already manages assets of around USD 5 billion spanning UCITS mutual funds, 40‑Act funds, GIFT City structures, Mauritius funds, and bespoke segregated mandates. The partnership with HANetf is particularly significant, marking Kotak’s first collaboration on a UCITS ETF and aligning with its aspiration to offer differentiated products to investors. Through its white-label platform, HANetf enables asset managers worldwide to efficiently access the European ETF market by providing a fully integrated regulatory, operational and distribution framework. This collaboration allows European investors to access Kotak’s specialist research capabilities and regional expertise within the established UCITS structure.

The partnership with Kotak further strengthens HANetf’s expanding roster of international partners choosing its platform to access the European ETF market.

The Indo-Pacific defence ETF, which will be renamed Kotak Indo-Pacific Defence UCITS ETF (ticker: QUAD), provides exposure to the expansion of Indo-Pacific defence spending. Geopolitical uncertainty has driven the most significant rearmament cycle in the region since the Cold War, prompting countries from India to Japan to raise defence budgets while accelerating efforts to localise arms production. Indian companies currently represent 27.27% of the ETF’s index.[2]

India already spends approximately $86 billion annually on defence, making it the world’s fifth-largest military spender.

HANetf’s modelling suggests India’s annual defence budget could rise to around $122 billion by 2030.[3] Independent research from GlobalData supports a similar trajectory, projecting defence spending of around $125 billion by the end of the decade.[4]

Importantly, an increasing share of this growth is expected to flow to domestic manufacturers. India’s defence production reached $17.2 billion in FY 2024-25, up around 18% year on year and nearly double 2020 levels, supported by government policy, procurement quotas favouring domestic suppliers, and the ongoing expansion of Positive Indigenisation Lists.[5]

This structural shift toward self-reliance has the potential to act as a powerful tailwind for India’s domestic defence industry over the coming years.

In addition to India, QUAD also provides exposure to other markets in the Asia pacific region – including South Korea, Japan, Australia, Singapore, and Taiwan – where local defence companies are likely to benefit from increasing defence budgets.

Alongside Kotak’s specialist knowledge, HANetf brings a deep track record in defence thematics, and has Europe’s broadest range of defence ETFs – including Future of Defence UCITS ETF (ticker: NATO), now at $3.12 billion AUM.[6]

HANetf’s full range of defence ETFs:

Hector McNeil, Co-Founder and Co-CEO of HANetf, commented:

“We’re delighted to be partnering with Kotak on the Kotak Indo-Pacific Defence UCITS ETF (ticker: QUAD). Kotak brings deep local expertise and on-the-ground insight into one of the most strategically important defence markets globally, at a time when the Indo-Pacific is undergoing a profound and sustained rearmament cycle.

India sits at the centre of this shift. Defence spending is being driven not by short-term considerations, but by long-term structural factors including regional security dynamics, modernisation needs and a clear policy focus on domestic manufacturing. Partnering with Kotak enhances the depth and credibility of the research underpinning the ETF, particularly in capturing this evolving opportunity set.

“This collaboration also reflects HANetf’s broader commitment to building high-quality thematic ETFs alongside specialist partners, combining our experience in defence investing with local market knowledge to deliver precise and differentiated exposure for investors.”

Shyam Kumar, President and Head, Kotak International, commented:

“Our collaboration with HANetf underscores our commitment to serving global investors with innovative products. The launch of defence‑themed ETF through this partnership reflects our focus on bringing long‑term, high‑conviction themes to international markets. This also marks our first collaboration on a UCITS ETF, an important milestone in our global product strategy. With our deep regional insights and research capabilities, we are confident in our ability to support European investors seeking high‑quality passive exposure to this rapidly evolving theme within the trusted UCITS framework”.

[1] As shown in the ETF Database.

[2] VettaFi as of 22.03.2026.

[3] https://hanetf.com/news-insights/indo-pacific-rearmament-how-much-will-defence-budgets-grow-by-2030/

[4] https://www.globaldata.com/media/aerospace-defense-security/indias-cumulative-defense-spending-reach-543-1-billion-2026-30-driven-need-modernization-forecasts-globaldata/

[5] https://www.ibef.org/news/defence-production-soars-to-an-all-time-high-of-rs-1-51-000-crore-us-17-25-billion-in-fy25

[6] HANetf; Bloomberg. Data as of 22.03.2026.