Merrill Lynch to launch MF for Japanese clients in India
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Merrill Lynch to launch MF for Japanese clients in India

By siliconindia staff writer   |   Friday, 28 January 2005, 08:00 Hrs
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MUMBAI: Merrill Lynch Investment Managers Co will start an Indian mutual fund for Japanese clients. However though details of the funds haven’t been decided, Seiichi Fukuyama, Merrill’s managing director of Japan and the Asia Pacific region said.

The firm is the latest to tap the world’s fourth largest economy and has invested $1.4 billion in Indian assets, he said adding the firm is also tailoring funds for the US and European clients.

“The change in India we’re seeing today is far more rapid than during the 17 years I have been investing in India,” said a Mumbai-based chief investment officer of DSP Merrill Lynch Fund Managers Ltd. “The best benefits to investors would be coming to those who are in the market early.”

Since September, four mutual funds have started in Japan focusing on Indian stocks. Prudential Plc, the UK’s second-largest insurer, was the first to enter the business followed by Deutsche Asset Management Ltd, HSBC Asset Management Japan and UFJ Partners Asset Management Co.

The combined assets under management in the funds were worth $360 million.
JP Morgan Fleming Asset Management Japan Ltd starts its Indian fund soon, with Nomura Securities Co handling sales. Merrill Lynch Investment currently manages 14 funds investing in India.



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