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India’s largest bank to sell Fidelity mutual funds

India’s largest bank to sell Fidelity mutual funds
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First Published: Fri, Aug 17 2007. 11 21 AM IST
Updated: Fri, Aug 17 2007. 11 21 AM IST
AP
New Delhi: The State Bank of India will sell Fidelity mutual funds through its network of about 9,500 branches — the largest in the country, Fidelity said.
The agreement with the State Bank of India was signed by Fidelity International’s Indian subsidiary, Fidelity said in a statement on Thursday, 16 August.
The US mutual fund company, which entered India in 2005, said its tie-up with the government-run State Bank of India “provides a trusted platform to reach new investors.”
Fidelity currently offers about a dozen mutual funds to Indian investors. Its flagship product — the Fidelity Equity Fund — posted a 55% return in the past year.
State Bank of India has an estimated 90 million customers.
“We are delighted to partner State Bank of India to take our products out to a larger number of investors,” Ashu Suyash, the head of Fidelity Fund Management (India), said in the statement.
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First Published: Fri, Aug 17 2007. 11 21 AM IST