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Nilanjan Dey

Kolkata , Jan. 13

IT is destination India for the global management committee of HSBC Investment Businesses. Its forthcoming meet in Mumbai - in India, for the first time - will reflect the country's ascending status on the international investment terrain.

Proffering a touch-and-feel of the Indian market will be a line-up of consultants, outsiders who are being roped in to provide critical inputs to the members of the committee.

A part of the idea, says Mr Sanjay Prakash, CEO of HSBC Asset Management India (and the local host), is to help the panel to form a more definitive opinion of the country, especially so with regard to contemporary trends in Indian business and industry.

The Mumbai meet - a similar exercise took place in Shanghai last year - will be attended by Mr Alain Dromer, Global CEO, and others in charge of areas like investments and operations.

HSBC's India fund, meanwhile, has sustained its lead over others, thanks to the $4.3-billion it now manages, maintains Mr Prakash. The fund has lately grown, having attracted new investors to it. Its size had stood at $2.1 billion or so in November 2004.

The India fund is partially complemented by HSBC's BRIC Freestyle Fund, a sub-fund that seeks long-term returns by investing at least two-thirds of its non-cash assets in equities in Brazil, Russia, India and China - the four nations that are collectively named BRIC. As on November 30, India accounted for 15.7 per cent of its allocations.

The global management committee, it may be mentioned, is part of the two panels that are made up by most of HSBC's senior executives. While the London-based global executive committee focuses on major operating policies, the other comprises CEOs of HSBC Investments' regional and specialist businesses.

Nearer home, HSBC Asset Management has lined up a diversified equity fund that will concentrate on the advantages that India enjoys. Titled India Advantage Fund, this will add to its other actively-managed equity products, which includes the flagship HSBC Equity.

The fund house has lately inducted Mr Anup Maheshwari, formerly with DSP Merrill Lynch MF, as its chief investment officer.

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