A decade back, Morgan Stanley - the first foreign asset manager to
enter India - made a disastrous start when it faced the ire of
retail investors.
Unfamiliar with the risks of investing in equity funds,
these investors had seen their savings shrink with a falling
market.
Learning from those early mistakes, and helped along by tax breaks
to mutual funds and troubles at giant state-controlled asset
manager Unit Trust of India, foreign fund managers have had an
impressive run of growth.
Foreign companies, including joint ventures, now manage 35% of the
$21 billion assets under management. After over a century of
operations in India, 42 foreign banks have...
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