Fidelity finally stirs on India plans

Fidelity International Limited, the largest fund management company in the US, has appointed three senior executives in India and has filed a preliminary application with the Securities and Exchange Board of India.

Fidelity has appointed Ashu Suyash as business head of the asset management company, Arun Mehra as fund manager and Hemang Bakshi as head of legal and compliance.

Richard Wastcoat, a Fidelity Managing Director, said yesterday: "We have filed our preliminary application with the Securities and Exchange Board of India for their approval to set up a mutual fund in India in 2004."

"We are delighted to welcome Ashu, Hemang and Arun to Fidelity International in India. Having a strong management team in place is crucial to the future success of our Indian operations," Wastcoat said.

Fidelity manages mutual fund and pension fund assets of over $141.5 billion (as on September 20, 2003) for non-US investors, does business outside the US in 25 countries and has had a presence in India since the third quarter of 2001.

Suyash has been appointed business head of the asset management company. She brings with her over 15 years' experience in the financial services industry, including time at Citicorp Brokerage India Limited, the brokerage and distribution arm of Citibank in India, as CEO (1996-1998) and as head of investor sales (1998-00). Most recently she was head of strategy and business development at Citigroup in India.

Mehra has been appointed fund manager of the asset management company. He has been with Fidelity for over six years as a research analyst based in Hong Kong and more recently as sector leader in London. Mehra will relocate to India in 2004.

Bakshi has joined Fidelity from Kotak Mahindra Asset Management Company, where he was vice-president, compliance, and head of legal and compliance. Before this, Bakshi held a number of senior company secretarial and compliance roles within the financial services industry.

Fidelity's Indian operations were initially focused on systems development, through Fidelity Technology India, a subsidiary. In 2003, Fidelity established a back office operations centre handling mutual fund administration, a call centre for its European mutual fund business and pension fund management back office operations, in Gurgaon. In the last year, the employee strength has grown from around 100 to over 450.

Fidelity International Limited and FMR Corp, a separate investment management company headquartered in Boston, which shares the "Fidelity Investments" brand, together form the largest independent fund management organisation in the world.