Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Fido Builds up Operations Abroad Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, March 07, 2005

Fido Builds up Operations Abroad

by: Theresa Sim

Fidelity Investments is ramping up operations in Germany, South Korea and India, but is shunning China, according to a report by the Financial Times.

Fidelity obtained a license to run a money management shop in Korea in early December. The fund firm is already off to a quick start; Fidelity launched the first of a series of 10 mutual funds last week, reports the FT.

Why is Korea appealing to the U.S. fund giant? According to the FT, Korean regulators recently approved of new reform that allows companies to voluntarily offer defined contribution-style plans.

"We believe that Korea could easily become the largest asset management market in Asia outside of Japan," Evan Hale, head of Fidelity’s South Korean business, told the FT.

The reforms, which go into effect in December, may not take hold because of lack of incentive, Hale remarked to the FT. Currently, the regulation limits the amount of a company's plan assets to 30 percent equity holdings.

Fidelity has also opened a fully-owned operation in India, as well as set up an onshore unit in Germany, reports the FT.

Ashu Suyash, head of Fidelity’s Indian business, estimates that only two percent of Indian savings make use of mutual funds.

As for China, Richard Miles, of Fidelity's United Kingdom business, told the FT: "We do have a representative office in Shanghai, but at this point we have no plan to seek a [full] Chinese licence."  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2020: Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use