Wealth management

In Brief: JPMorgan Unit Plans Mutual Funds in India

Published February 08, 2006, 2:00 a.m. EST

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Updated February 07, 2006, 7:58 p.m. EST

1 Min Read

JP Morgan Asset Management said Tuesday that it will start a mutual funds business in India in the second half of this year.

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The New York-based subsidiary of JPMorgan Chase & Co. also announced the appointment of Krishnamurthy Vijayan to be chief executive of the planned unit. The business is to sell mutual funds to institutional and retail investors through third parties, including local banks and registered financial advisers, JP Morgan Asset Management said.

Mr. Vijayan will report to JP Morgan Asset Management's Asia-Pacific head, David Hsu. Mr. Vijayan was previously the chief executive officer of JM Financial Asset Management Co. Pvt. Ltd., an Indian money manager that oversaw the JM Financial Mutual Fund.

JP Morgan Asset Management has about $847 billion under management. It has a presence in India through an investment banking arm.

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Wealth management

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