Business Daily from THE HINDU group of publications
Friday, Sep 28, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Sep 28, 2007 ePaper |
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Money & Banking
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Alliances & Joint Ventures Markets - Mutual Funds Our Bureau Mumbai, Sept. 27 Old Mutual Plc may tie up with Kotak Mahindra mutual fund for managing overseas investments. Mr Jim Sutcliffe, Chief Executive, Old Mutual Plc, said this was an opportunity for the company, particularly in the wake of the RBI liberalising the overall limit of mutual fund investment overseas. The agreement is expected to be finalised by next year. “Our core geographical areas in fund management are the US, the UK and South Africa. So, our experts could help Indian regulated mutual funds to invest in these countries,” he said. The inverse situation of Indian fund managers helping their overseas counterparts in Old Mutual could also be looked at, he added. The London-based Old Mutual Plc has operations in life insurance, asset management, banking and general insurance and is present in India through a life insurance joint venture with Kotak Mahindra. Old Mutual Plc’s funds under management in the US and UK stand at £158 billion and £57 billion respectively, with South Africa close behind at £41 billion. The RBI, on Tuesday, increased the aggregate mutual fund investment limit overseas from $4 billion to $5 billion. However, analysts say that even the existing limits are not fully utilised. On the life insurance venture (Kotak Life Insurance) in India, Mr Sutcliffe said that Old Mutual Plc was bullish on India and would commit resources to building the business here as fast as possible. The company would also like to increase its stake to 49 per cent, from the current 26 per cent when the Foreign Direct Investment regulations are amended. More Stories on : Alliances & Joint Ventures | Mutual Funds | Overseas Investments
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