Mumbai-based private sector bank Axis has launched new asset management and trustee arms as it diversifies its range of businesses. Axis Bank chairman and chief executive PJ Nayak said the bank also planned to offer wealth management services from its Singapore branch as part of a strategy to grow its overseas business. Axis, formerly known as UTI Bank, posted a 60 per cent rise in profit to 2.28 billion rupees for the three months ended 30 September. The result was driven by a 73 per cent rise in net interest income, and a 69 per cent rise in fee income.