Dubai: Qatar’s Doha Bank, in association with Investnet, is looking to offer mutual funds in India.
The bank has embarked on the venture after having acquired a 49% stake in Investnet.
Under the new dispensation, Doha Bank deputy chief executive officer R Seetharaman is to be chairman of the company following a re-branding exercise, according to Investnet managing director Prince George.
Doha Bank recently got an approval from the Securities and Exchange Board of India (Sebi) to act as a Foreign Institutional Investor (FII).
George told The Peninsula that Investnet will concentrate on non-resident Indians (NRIs) who want to invest in their country. “NRIs often do not have much time on their hands so we offer portfolio management schemes. We have tie-ups with 18 mutual funds in India,” he added.
George said NRIs are diversifying their areas of investment. “Perhaps 10 years ago, 90% of investments were going into fixed deposits,” he said. “But nowadays, real estate is attracting the NRI investor but not necessarily as a means for speculation.”
“NRIs are not speculative. They look at assets that will give good returns,” he added.