Fidelity's India fund raises $1bn from Japan

Fidelity Investments today said its Fidelity Global Selection - India Advantage Fund - has surpassed $1 billion.

"The investment trusts are yen-dominated, open-end contract offshore investment trusts and exclusively sold by Nikko Cordial Securities Inc," Fidelity said in a release today.

Nikko Cordial collected over 20 billion yen in its initial subscription period from January 17-28, it said.

"Fidelity's India Advantage Fund has now gathered more assets than any other India funds offered in Japan," Masashi Iwakigawa, senior executive director of Nikko Cordial, said.