Smaller Funds Looking At Indian Foray Set House In Order

Kolkata: They may not be the big in the global asset management space, but Shinsei, Mirae, Robeco and some of the other smaller outfits that are hoping to launch their operations in India are quickly putting their houses in order. A number of players, having already named key personnel, are currently seeking to recruit people in regional centres. Shinsei, the Japanese firm that has an on-going joined hands with UTI Mutual Fund, is known to have roped in Mr N. Sethuram, who was till recently the Chief Investment Officer of SBI Funds Management, in a senior position.

Shinsei, for the record, has just declared the formation of a joint venture with UTI International, a 100 per cent subsidiary of UTI Asset Management Co. Mirae, the Koran outfit that has lately set up shop in the country, is seeking a smooth unveil in a rapidly developing market. Mr Arindam Ghosh, who heads the show, noted Mirae is well on its way to firm up critical aspects of the business. The second level of hiring both at head office and branches is also underway. Mirae, which accounts for 35 per cent of the Korean market for equity funds, manages $78 billion worldwide.

Robeco, which has joined hands with Canara Bank for its Indian entry , is learnt to have found a chief executive in the former DBS Cholamandalam MF boss, Mr Rajnish Narula. Mr Narula, who had quit DBS Chola a few weeks ago. In March, Robeco had inked a deal to buy 49 per cent in the Canara Bank-promoted Canbank Investment Management Services, a move that will entail an investment of well over Rs 100 crore. The foray of these funds, as well as that of players like UBS, will substantially help increase the number of asset management companies in the country. At the moment, there are a little over 30 funds in operation. The number of players seems to have remained stagnant for quite a while, concedes Mr A.P. Kurian, Chairman, Association of Mutual Funds in India.