Global fundmen seek Indian investors

Global fund managers are making a beeline for India to scout for Indians with money to invest abroad. Last week, Robert Pozen, chairman of MFS Investment Management, part of the Sun Life group worldwide, was in India last week, meeting fund managers, investment bankers and others in Mumbai's financial world.

David Winters, chairman and chief executive officer of Mutual Series Fund, and fund manager for Franklin Mutual Advisers, too was in India last week.

Pozen was excited about the imminent opening of the Indian pension fund industry and Indians being able to invest up to $25,000 per annum overseas. MFS manages approximately $130 billion in assets for over six million investor accounts worldwide.

Winters told Business Standard that he was looking at India as a big market for Franklin Templeton investment products, and that he also saw a huge market in Indians investing abroad. The Franklin house of funds has more than $35 billion in assets under management globally.

Pozen said global funds are looking at "the exciting developments in India, particularly its consistent GDP growth, favourable demographics, high savings and low interest rates. Indians can invest up to $25,000 abroad each year but are not allowed to invest that money through mutual funds."