Financial Daily from THE HINDU group of publications
Saturday, Feb 19, 2005
Financial Daily from THE HINDU group of publications Saturday, Feb 19, 2005 |
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Markets
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Mutual Funds Fidelity gets SEBI nod to launch MF in India Our Bureau
Kolkata , Feb. 18 THE Securities and Exchange Board of India has permitted Fidelity to launch its mutual funds in India. Fidelity plans to introduce its maiden product - a diversified equity fund - by mid-March. The local arm of the world's top fund manager has obtained a certificate of registration from the regulator, said Ms Ashu Suyash, Head of Business, Fidelity Fund Management. "The proposed fund will reflect the experience gained by Fidelity's operations in other markets," she said. "We are seeking to create a large investor base, one that will lead us to clients who come in with a long-term perspective. At the same time, we will try to establish the Fidelity brand in this country," she added. Fidelity is set to flag off its Indian venture when the local market for mutual funds is at a critical juncture. The stock market indices are very near their all-time highs, a fact that is not deterring investors to pour large sums in new equity offers. This is evident from some of the mobilisation figures recorded recently by a few fund houses. Fidelity will also add to the list of foreign fund managers that currently operate in India; these include players such as Franklin Templeton, HSBC, Principal and Deutsche. Fidelity, maintained Ms Suyash, is known to be following a bottom-up approach to investing. Globally it manages over $1.2 trillion in assets (as on December 31, 2004) for about 20 million investors. It may be mentioned here that Fidelity Investments covers over 90 per cent of the world market capitalisation. Fidelity Fund Management Pvt Ltd is a subsidiary of Fidelity International Ltd (FIL), which caters to important markets through investment products and services to individuals and institutions outside the US.
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