London: Fund management group Schroders plans to launch a range of funds in India and is in talks with possible partners, a British daily has said.
"Schroders Indian operation will offer a range of funds targeting domestic investors, offshore funds and discretionary fund-management accounts," 'The Times' reported.
The move into India is part of its international expansion plans. "The fund manager is understood to be in talks with a number of possible partners for the venture," says the report published on Sunday.
Schroders already has a strong presence in the Asia Pacific region, where it manages £29 billion in assets, nearly a quarter of the group's £137 billion funds under management.
According to the daily, S V Prasad, former chief executive of Birla Sun Life Asset Management, has been appointed as managing director of Schroders' Indian operations.
"India has strict rules for foreign firms that want to launch investment funds in the country. Start-up firms capitalised beneath a certain level, such as the Schroders venture, must tie up with a local partner, which will hold a 25 per cent stake in the business," adds the report.
Last year, it made profits to the tune of £290 million pounds. The group has offices in Australia, Indonesia, Singapore, Hong Kong, Taiwan, Korea and China.
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