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Hopes to launch equity, liquid fund in first phase

SPREADING WINGS: Mr Martin Porter (right), CIO and Head of Global Equities, JP Morgan Asset Management, and Mr Edward Pulling, Regional Investment Manager, at a press conference held in Mumbai on Wednesday. - Shashi Ashiwal

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Mumbai Feb. 14 JP Morgan Asset Management on Wednesday received regulatory approval from SEBI to set up a mutual fund in India. Initially, it will invest Rs 45 crore to put up the asset management company.

The fund house will apply to the market regulator for launching a diversified equity fund and a liquid fund in the first phase.

The asset management company will look at the bottom-up style of investing and also embark on a concentrated portfolio.

When asked about its late entry into the asset management business, Mr Rukhshad Shroff, Managing Director, Pacific regional Group said, "The size of the domestic mutual fund market compared to the house hold savings in the country is very small and there is a huge potential to tap the market in the country even today."

"India is one of the world's strongest secular growth stories that is coming to the attention of a rapidly growing body of international investors. The consistency of India's macro-economic and corporate performance demonstrates that success is fundamentally well supported and therefore sustainable. The India story will run for decades to come," said Mr Martin Porter, CIO and Head of Global Equities at JP Morgan Asset Management.

JP Morgan has currently invested over $6 billion as of December 2006 in the country through equity FII India funds. "India is one of the most important countries to our Asian business and we have long-term strategic approach to this market," Mr David Hsu, Chief Executive, Asia (excluding Japan) asset management business, said.

JP Morgan currently manages $1,013.2 billion assets across countries.

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JP Morgan gets SEBI approval for mutual fund business

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