The Hindu Business Line : Mirabaud Cie plans to launch India-specific fund

MIRABAUD Cie, a Swiss-based bank, and the New York-based Neptune Capital Management are jointly planning to launch a hedge fund specifically for India in about 8 months. It will initially begin with $10-20 million and the plans are to achieve a target of $100 million.

Mr Pierre Mirabaud, Partner Mirabaud Cie and Chairman of the Swiss Banker's Association, told newspersons here that the fund will be not be open to the public but will be aimed at foreign investors.

The bank already has a $750-million Asia Capital Holding Fund and India represents over 20 per cent of this fund's exposure.

The exposure has grown from two per cent eight years ago. The fund's investment in India has given a compounded return of 7 per cent over the past 8 years, he said.

Mr Mirabaud also said that several banks were looking at the possibility of direct investment in India and that it was only a matter of time.

A few banks have already opened up representative offices and research wings for financial analysts, he added.

In terms of stock markets, Mr Mirabaud said that domestic markets in India are more investor-friendly than the Chinese markets. However, acquiring the foreign institutional investor license was a hassle that should be done away with, he said.

Referring to the tradition of banking secrecy in countries such as Switzerland, Austria and Luxembourg, Mr Mirabaud said, "Swiss banking secrecy does not protect criminals. Switzerland works closely with foreign authorities when judicial assistance is required in criminal cases."

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