JP Morgan MF India debut likely in Apr '07

JP Morgan Asset Management Company is likely to start its India operations during March-April, Chief Executive Officer Krishnamurthy Vijayan said today.

The fund house, which received in-principal approval from the Securities and Exchange Board of India, was seeking the final mutual fund registration approval, he said.

The fund house had recently filed memorandum and articles of association and is in the process of filing investment management agreement with the regulator.

JP Morgan has appointed Harshad Patwardhan, former research analyst of Deusthce Bank, as equity fund manager, Krishnamurthy said.

Recently, Lotus India Chief Investment Officer Nandakumar Surti joined JP Morgan as head-fixed income. Global players are foraying into Indian market as the country's economic is booming and stock market soaring.

The latest entrant was Lotus India Mutual Fund, a joint venture between Singapore-based Alexandra Fund Management and Sabre Capital Worldwide.

Many top global asset management companies like Aegon, Bharti-AXA, UBS, AIG, JP Morgan, and Dawnay Day have announced plans for India.

Vanguard, American Capital, T Rowe Price are also eyeing entry into India.

Last week, Japan's leading asset manager Nikko Asset Management formed a joint venture with India's Ambit RSM Finance to float a mutual fund.

Other Japanese fund managers such as Sumitomo Mitsui Asset Management and Daiwa Asset Management are also eyeing space in Indian mutual fund arena.

The domestic fund industry manages assets worth Rs 34130 crore.