Fidelity, US's and indeed the world's biggest fund manager, is all set to launch its business in India. Though rumours of its entry have been floating for a few years now, it's really happening now. Recently, Fidelity appointed Ashu Suyash, who currently heads Citibank's asset management business in India. However, Fidelity is yet to apply to SEBI for the registration of its AMC. Interestingly, this Boston-based asset management company already has a presence in India-its BPO centre in Gurgaon (near Delhi) has been running since June 2003 and it is in the process of setting up another one in Bangalore.
Fidelity Investment has a long history in the US. Founded in 1946, Fidelity now manages US$ 940 million (Rs 42,300 crore) over 342 individual funds and employs 28,550 people in the US and Canada.
Fidelity's entry into India assumes added importance given that some foreign AMCs have actually been pulling out of India. In the past year and a half, Zurich and Sun F&C have moved out and Alliance decided to pull out and then changed its mind. With the government initiating pension reforms in India, Fidelity could take advantage of its international experience. Fidelity is the America's largest provider of 401(k) plans (as pension plans are called in the US).
This article was originally published on December 30, 2003.
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