Mumbai: JP Morgan Asset Management India Pvt. Ltd on 19 April 2007 launched its first fund, an open-end diversified equity scheme, and said it plans to introduce three more funds in the days to come.
JP Morgan India Equity Fund, which would remain open for subscription till 18 May, would be followed by a tax plan equity fund, a liquid fund and a scheme to invest in foreign stocks, chief executive officer Krishnamurthy Vijayan said.
The equity fund, launched on 19 April, would invest at least 65% of its assets in equities and the rest in debt and money market instruments, the fund house said.
Harshad Patwardhan, investment manager for equity, said the parent asset management firm had been investing in India for over 10 years and had $6 billion (Rs25,200 crore) invested through five India-dedicated funds. India’s mutual fund industry, whose assets grew at the rate of more than 41% in the year to March, to Rs3.26 lakh crore, is increasingly attracting overseas asset management firms.
UBS AG bought Standard Chartered’s mutual fund operations in India in January. AIG Global Asset Management Co. (India) Pvt. Ltd is planning to launch its first fund soon.