Japan's Shinsei Bank is set to start mutual fund operations in India within three months, becoming the latest global firm to target the country's promising asset management market, a senior official said on Tuesday.
"Within three months we should have the products out in the market," Piyush Surana, chief executive of Shinsei Asset Management (India), told Reuters in an interview.
It will start with an equity, a liquid and a bond fund, part of a plan to launch at least six funds in the first 12 months of operation. The firm hopes to break-even in the three to five years, he said.
Rakesh Jhunjhunwala, named India's Warren Buffet by Forbes, has a 15 percent stake in the asset management firm.
Shinsei joins JPMorgan, South Korea's Mirae Asset, Pioneer Global Investments, the fund arm of Italian bank UniCredit, and France's Axa who have launch funds in India over the last two years.
"Within three months we should have the products out in the market," Piyush Surana, chief executive of Shinsei Asset Management (India), told Reuters in an interview.
It will start with an equity, a liquid and a bond fund, part of a plan to launch at least six funds in the first 12 months of operation. The firm hopes to break-even in the three to five years, he said.
Rakesh Jhunjhunwala, named India's Warren Buffet by Forbes, has a 15 percent stake in the asset management firm.
Shinsei joins JPMorgan, South Korea's Mirae Asset, Pioneer Global Investments, the fund arm of Italian bank UniCredit, and France's Axa who have launch funds in India over the last two years.
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