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Thursday, July 10, 2008

India Attracts Yet More Fund Firms

by: Armie Margaret Lee

The scramble among fund firms for a piece of the Indian market continues. The Wall Street Journal's Mark Cobley rounded up announcements from three Western-headquartered investment managers over the past few days in the Thursday edition of the Fund Track column.

The local joint-venture business of AXA debuted its first two mutual funds in India on Tuesday. On the same day, Deutsche Bank elevated Suresh Soni, chief investment officer of its $2.6 billion Indian asset management business, to chief executive. Soni's predecessor, Vijay Mantri, is now chief executive of a joint venture between Prudential Financial and Indian real-estate firm DLF Group.

A day earlier, Pioneer Global Asset Management put up a fund joint venture with India's Bank of Baroda.

The other portion of the Fund Track column, penned by Daisy Maxey, was about four Nuveen Investments municipal funds planning to offer a new form of security backed by Deutsche Bank. The security is aimed at helping those who were locked in auction rate preferred securities. 

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