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Nilanjan Dey

Awaits SEBI clearance; begins brand awareness exercise

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Kolkata Jan. 23 JP Morgan Asset Management, among the world's most active fund managers, is setting its sights on an April launch in India. It is currently armed with an in-principle approval from the securities regulator.

JP Morgan, as part of its pre-launch efforts, has in a limited way started a brand awareness exercise, courtesy select distributors that are carrying its message in the form of an overview.

The asset management venture is also ready with a team of people, covering a number of functions. The team will propel it to move apace once the SEBI go-ahead is in place.

"We expect to start in April, subject to regulatory clearance," said Mr Krishnamurthy Vijayan, in charge of JP Morgan Asset Management in India.

The interface with distributors is aimed at establishing its identity and explaining its objective, he added.

Incidentally, it also traces back to JP Morgan's past, including to the 1830s, when it was established as a merchant bank. It may be mentioned here that `JP Morgan' derives its name from J Pierpont Morgan (1837-1913), among the pioneers in the US market.

The overview refers to JP Morgan Asset Management's familiarity with the market, thanks to the 3,000-plus institutional accounts it handles internationally. Its assets under management stood at about $930 billion in December 2005.

As for its engagement with India, there has been an investment of over $5.6 billion in India-dedicated funds (through FIIs) as on November 30, 2006. Its exposure to the domestic market spans a decade. JP Morgan has a network of 22 investment centres within 4 hubs - New York, London, Hong Kong and Tokyo.

JP Morgan Asset Management's arrival will come at a time when several other international fund management outfits are readying to start local operations. Their advent will widen the scope of the Indian asset management industry which now has 30 players or so, it is felt.

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