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K.R. Srivats

New Delhi, Dec. 31 JP Morgan Asset Management India Pvt Ltd is not looking to redraw its India plans in the wake of the pessimism surrounding equities owing to the global financial meltdown, its Chief Executive and Full-time Director, Mr Krishnamurthy Vijayan, has said.

“No, we are not changing our plans. We will go ahead with our existing strategy. Our endeavour would be to have a complete line of basic products over the next few years. We also want to bring JP Morgan Pacific Regional Group style of investing to Indian investors,” Mr Krishnamurthy told Business Line.

JPMorgan has been a relatively new entrant in the Indian MF industry, with its first product rollout in April 2007. The fund house has launched three equity funds, two liquid funds and 1 debt fund.

It recently launched an open-ended equity-linked savings scheme (ELSS) – the JP Morgan India Tax Advantage Fund. The new fund offer for the ELSS opened on December 18. JP Morgan also hopes to launch an international fund before end of March 2009.

On the kind of sales pitch that JP Morgan would adopt for its ELSS in the current market sentiment, Mr Krishnamurthy said the fund house would not alter its sales pitch to retail investors because of the market conditions. He said the sales pitch for JP Morgan in India would be the same as it was for its products in other markets.

“When market sentiments are bad, investors tend to be apathetic to all equity investments, including funds like ELSS which are intended for tax savings. We are of the view that the ground rules for equity investments for retail investors do not change with market conditions. Retail investors will benefit only if they remain invested for a long term. They are investors and not speculators,” he said.

The Chief Executive said retail investors would do well in mutual fund products if they have a long-term perspective, redeem when there was need for cash and invest on the basis of asset allocation.

“They should invest in fund houses which are process-driven so that they need not worry about individual vagaries. Their decision should be process-driven than star fund manager-driven. Our Pacific Regional Group style of investing seeks to ensure that there is a team approach in deciding the stocks. The investing is done only after conviction building on the stocks,” Mr Krishnamurthy added.

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