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Mumbai:
Zurich-based Credit Suisse group, Switzerland's
second-largest bank, and Mirae Asset, a South Korean
finance major, plan to enter the buoyant Indian mutual
fund business.
Robert
Parker, vice-chairman, Credit Suisse Asset Management,
says that the Swiss finance group would set up an asset
management company in India over the next six months.
According
to Parker, there was a gap in its network of emerging
markets, and this would be filled with the opening up
of operations in India. The group has still to decide
whether it would operate through a joint venture, or
go alone.
Most
leading international fund houses, including Merrill
Lynch, Goldman Sachs, Franklin Templeton and Fidelity
have a strong presence in India.
International
funds have invested nearly $45 billion in India. This
year alone, they have ploughed in over $3.5 billion.
South
Korea's Mirae Asset, like many other foreign institutional
investors from the country, has already invested about
$800 million in Indian equities. It plans to raise another
$200 million from Korean investors for its India portfolio.
The company is bullish about India and wants to set
up an asset management company here.
EM
Capital Management LLC, a US-registered firm, also plans
to invest about $400 million in Indian equities. And
UK-based hedge fund, Kuvera Capital - which has set
up a presence at the Dubai International Finance Centre
- also plans to launch operations in the Indian markets
shortly.
Another
major investment from the Gulf is by Forsyth Partners,
a UK-based boutique fund manager, which aims to raise
its exposure to the Indian markets to $250 million in
about two years. The Forsyth India Opportunities Fund
manages $120 million | 
