On Tuesday, the local joint-venture business of French insurer AXA SA launched its first two mutual funds in the Indian market. Bharti AXA Investment Managers Private Ltd., a joint venture between AXA and Indian telecoms-to-agribusiness conglomerate Bharti Enterprises, received regulatory approval to run mutual funds in April.
On Monday, fund manager Pioneer Global Asset Management SpA established a funds joint venture with Bank of Baroda, an Indian bank, after receiving a go-ahead from regulators. Dario Frigerio, chief executive of Pioneer, described the Indian mutual-funds industry as "one of the most exciting opportunities we see around the world."
Also on Tuesday, Deutsche Bank AG promoted the chief investment officer at its $2.6 billion Indian asset-management business to chief executive. Suresh Soni takes over following the departure of Vijay Mantri, who left to join the recently established joint venture between the U.S. financial services group Prudential Financial and Indian real-estate firm DLF Group as chief executive.
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By Mr Chitranjan, Section Finance & Investing
Posted on Thu Jul 10, 2008 at 10:14:43 PM EST
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India led the growth in last year's World Wealth Report from Merrill Lynch and data provider Capgemini, which tracks the number of the world's millionaires. The number of high net worth individuals in India defined as those with more than $1 million in liquid assets grew by 22.7% between 2006 and last year.
While Western groups are targeting India through joint ventures, business is also flowing in the other direction. The country's largest fund manager, Reliance Capital Asset Management, received regulatory approval in May from the U.K.'s Financial Services Authority to open an office in London, targeting international investors for its Emergent India fund.
Source: Mark Cobley From online.wsj.com 11/July/2008
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