Fidelity India Fund crosses $1 B

By agencies   |   Thursday, 24 March 2005, 08:00 Hrs
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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.

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