ABN Amro Launches AMC In India

Mumbai, June 29 | Updated: Jul 1 2004, 04:22am hrs
ABN Amro Bank on Tuesday announced the launch of its Indian asset management arm , ABN Amro Asset Management (India) Limited. Following the launch of the AMC, ABN Amro becomes the 30th mutual fund to be registered in India.

Speaking on the occasion, Romesh Sobti, executive vice president and country representative (India), ABN Amro Bank NV, said: Indian economy is poised for a robust growth offering abundant investment opportunities and the launch of our AMC couldnt have come at a better time. The total invested capital so far in the Indian AMC is $6.67 million (nearly Rs 30 crore). Of the total capital invested, $5 million comes from foreign arm. While, New-Delhi based businessman, JR Desai is holding 25 per cent in the Indian AMC. Alex KG NG, chief investment officer, Asia Pacific ABN Amro Asset Management (Asia) Limited said: China, India and Russia are the major emerging market were we are seeing growth, which is why we have come out with a mutual fund in India. ABN Amro, which has an total size of Euro 166.3 billion has invest Euro 18 billion in emerging market.

The AMC has already filed offer document for five schemes with the Sebi for its approval. Five schemes ABN Amro Equity Fund, ABN Amro Monthly Income Plan, ABN Amro Dynamic Debt Fund, ABN Amro Floating Rate Fund and ABN Amro Cash Fund have been sent for the Sebi approval. The AMC plans to launch the IPO for these schemes by end of July 2004 following the Sebi approval.