Kochi, Jan 23 (UNI) The stock market is expected to remain volatile for some more time due to the uncertainty about the US economy, but Indian investors need not worry as the domestic fundamentals were strong, Fidelity Fund Management Pvt Ltd (FFMPL) Managing Director Ashu Suyash said today.
Addressing a press conference here after signing a Memorandum of Understanding (MoU) with South Indian Bank Chairman V A Joseph, for the distribution of the full range of Fidelity Mutual Funds at all branches of the bank, Ms Suyash said the market correction seen in the past two days was ''absolutely normal.'' With the Indian economy getting increasingly integrated with the global one, such corrections will take place. However, as the domestic fundamentals were quite strong, there was no need for the investors to worry, she said.
Talking of the tie-up with South Indian Bank, Ms Suyash said the Indian mutual fund industry, which presently had a mere two per cent share in domestic savings, could be driven by partnering with banks.
While no business target had been set up for the tie-up, the FFMPL was sure of getting good business from South Indian Bank, which had more than 400 branches in Kerala and Tamil Nadu, she said.
The tie-up would help South Indian Bank to offer a wider range of wealth management services to meet the saving needs of its customers, he said and expressed confidence that the partnership would be mutually beneficial as a number of the bank's customers had been inquiring about the FFMPL funds.
Ms Suyash said the FFMPL, the Indian subsidiary of Boston-based Fidelity International Ltd., had total assets under management of more than Rs 11,000 crore and more than 1.5 million customer accounts. It presently offered nine mutual fund products, comprising five equity funds and four fixed income ones.
The FFMPL, launched in 2005, presently had a five per cent market share of the equity-based mutual funds. Among its innovative funds were the Fidelity International Opportunties Fund and the Fidelity India Special Situations Fund.
UNI ARC ROY 1507