AIG forays into India asset management market

Friday, 27 April 2007, 07:00 Hrs   |    7 Comments
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New Delhi: Leading equity fund manager American International Group Global Investment Group (AIGGIG) Friday launched its maiden equity scheme in India, AIG India Equity Fund.

Priced at 10 per unit, the new fund will be open for purchase from May 3 to May 29 and then will re-open for ongoing purchase and redemption no later than June 29.

AIG India country head and chief executive Sunil Mehta said at a press conference here that the India Equity Fund would be an open-ended diversified one with no sectoral biases.

"Our vision is to create a world class asset manager in India that combines AIG Global Investment Group's global expertise with our local experience gained over the years and the track record of our experienced and professional management team," he said.

Stating that AIGGIG is a real estate player globally, Mehta said that in India, the company has forayed into commercial real estate and aircraft leasing.

"We have 4,500 pros working globally for us. And all our businesses are synergistic," he said.

Markus Schomer, managing director of AIGGIG's global economic strategy, said that compared to China, India's growth trend was much more volatile, but the underlying momentum has picked up in recent years.

"While investment has been the key driver of China's growth, consumption has been the main contributor to India's growth," Schomer said, expressing his optimism about the Indian market.

Tushar Pradhan, who will be managing the India Equity Fund, said the India fund management team would be linked to AIGGIG's global fund management team through an intranet-based knowledge system called EPIC (Equity Platform for Investment Communication).

"EPIC serves as the backbone of our equity research, stock categorisation, stock ranking, idea generation and communication. This system allows our equity teams around the world to function as a cohesive unit," he said.

Ravi Mehrotra, managing director and head of Asia asset management companies for AIGGIG said his company was looking at an investment of $10 million in the India Equity Fund.

"Our corporate philosophy is to align with the interests of our investors by taking a meaningful stake in the asset class," he said.

The New York-headquartered AIG has operations in over 130 countries and jurisdictions. It has a market capitalisation of over $180 billion with its common stock listed in the New York, London, Paris Switzerland and Tokyo stock exchanges.
Source: IANS
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