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Foreign fund managers muscle in on mutuals

India

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.


       

View graph.


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 just around an 8% market share of assets. Not surprisingly then, HSBC, ABN Amro, Standard Chartered Grindlays and Deutsche are ready to enter the fray.




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