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Fidelity India Fund crosses $1 B
By agencies
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Thursday, 24 March 2005, 20:30 IST
Mumbai: U.S. based global fund management and research company Fidelity Investments on Thursday said its 'Fidelity Global Selection - India Advantage Fund' has surpassed $1 billion.
The investment trusts are yen dominated, open-end contract offshore investment trusts and exclusively sold by Nikko Cordial Securities Inc, Fidelity said.
Nikko Cordial collected over 20 billion Yen in its initial subscription period from January 17-28, it said.
"Fidelity's India Advantage Fund has now gathered more assets than any other India funds offered in Japan," Nikko Cordial senior executive director Masashi Iwakigawa said.
Fidelity Investments now has over $1.4 billion assets under management in Indian stocks as of September 2004, it added.