Five global AMCs plan to enter mutual fund business in India
09 Jan 2007
Mumbai: Five leading global asset management companies (AMCs) are planning to enter mutual fund business in India even as the industry recorded a 65 per cent growth in the country in 2006.
JP Morgan, American International Group (AIG), AXA Investment, Korea's Mirae Asset Group and a Japanese company are all set to enter mutual fund business in India in 2007, reports quoting AMFI chairman A P Kurian said.
Global investment manager J P Morgan is currently operating in 50 countries with $1.3-trillion assets under management while the American Insurance Group (AIG) is operating in 130 countries and is a major global player in financial services space.
AXA Investment, which operates in Europe, America and Asia, has its Asia Pacific bases in Hong Kong, Australia, Japan and Singapore.
South Korean Mirae Asset Group has big plans for the Asia Pacific region and India is now on its charts.
With the Indian mutual fund industry witnessing sustained high growth along with its rising stock markets, the foreign players are eyeing the huge Indian opportunity.
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