CSFB to plans asset mgmt operations in India in the next 6 months

Mumbai, Oct 04: Credit Suisse First Boston today announced its plans to set up an asset management company in India.

Speaking to newsmen here, its Vice-Chairman Robert Parker said that over the next six months, the company will have its detailed plans ready for the launch of asset management operations in India.

''We will be able to announce our plans by next 6 months and will have our business in India,'' said Mr Parker.

Domestic mutual fund industry has drawn many global houses including Fidelity, Franklin Templeton and Merrill Lynch over the past decade. Foreign funds have a total investment of more than billion in India, according to data obtained from the Association of Mutual Funds of India(AMFI).

Assets of India's 30 mutual funds rose 57 percent on year to August to Rs 3.07 trillion from Rs 1.96 trillion a year ago. Of the total assets, 31 percent are in equity schemes, and 42 percent is in liquid funds.

UNI