The Hindu Business Line : Fidelity's India Advantage Fund corpus crosses $1 b

GLOBAL fund house Fidelity Investments has said that total net assets of the Luxembourg-based `Fidelity Global Selection - India Advantage Fund' have crossed $1 billion.

The investment trusts are yen-dominated, open-end contract offshore investment trusts, exclusively sold by Nikko Cordial Securities.

The firm gathered over 20 billion yen in its initial subscription period from January 17-28. The fund was officially launched on January 31.

"We are pleased to see that the India funds we exclusively sell in partnership with Fidelity Investments have now gathered more assets than any other India funds offered in Japan.

While still a relatively new asset class in Japan, we are excited to add the India Advantage Fund to our Fidelity Global Selection line-up," said the Senior Executive Director of Nikko Cordial Securities Inc, Mr Masashi Iwakigawa, in a statement issued by Fidelity Investments.

Mr Michael Gordon, Chief Investment Officer Asia-Pacific region (excluding Japan), manages Fidelity Global Selection - India Advantage Fund while Mr Arun Mehra oversees the fund's investment strategy.

Fidelity Investments now has over eight years of Indian investment experience, and had more than $1.4-billion assets under management in Indian stocks as of the end of September 2004.

It now has 19 analysts covering the Indian market, comprising a team of 16 in Hong Kong and a team of 3 in Mumbai.

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