New Delhi : Foreign fund house JP Morgan Asset Management is believed to be mulling over sale of its India mutual fund business, which manages assets worth over Rs 14,000 crore.
Sources said JP Morgan has begun discussions for a possible sale of its Indian mutual fund arm, although the fund house officially declined to comment on the same. When contacted, a JPMorgan Asset Management spokesperson said, “”As a matter of policy, we don’t comment on speculation or rumours.”
JP Morgan could become the fourth foreign fund house in little over a year to exit the Indian mutual fund industry, although its asset base has grown rapidly in recent past.
The total asset base of Indian mutual fund business crossed Rs 12 lakh crore last month, although the industry is highly scattered with nearly 45 players with most of them having small businesses.
Since December 2013, three international players — Morgan Stanley, ING and PineBridge — have announced selling their mutual fund businesses in the country.
