Fidelity Investments to set up shop in India
Fidelity to open shop, set up asset management firm
Aabhas Pandya
New Delhi, Dec 14: The world's largest mutual fund, the US-based Fidelity is coming to India to set up an asset management company for launching funds in the domestic market. Fidelity manages assets of over $1 trillion across-the-globe. According to industry sources, officials from Fidelity were in India some time back on a recruitment drive. The fund has appointed a head-hunter in the country who, in turn, has approached some bigwigs in the Indian mutual fund industry. Fidelity is registered with the Securities and Exchange Board of India as a foreign institutional investor.
"Yes, Fidelity is on the lookout for fund managers and marketing managers to set up a mutual fund base in India. However, the setup is likely to be headed by an expatriate," said the head of a Mumbai-based mutual fund, who has been approached by the head hunter. "They have been approaching us through an intermediary," said a senior official with another mutual fund.
Industry sources point out that it is not known yet whether Fidelity will go it alone or offer a stake in the AMC to an Indian company. As per Sebi norms, if Fidelity sets up a base on its own, it will have to invest a minimum of Rs 50 crore in the AMC.
financialexpress.com |
