India’s 20 Biggest Money Managers

全球金融危机可能肆虐印度的股票市场，但它已经抑制了基金经理进入印度市场的积极性。

Two new asset management ventures have launched mutual funds since the fiscal year started in April, two others have won regulatory approval to enter the market, and fully 21 more firms have applications pending with the Securities and Exchange Board of India, or SEBI. This activity represents a vote of confidence in the long-term potential of the Indian fund market notwithstanding the recent rout on the Bombay Stock Exchange, which has knocked the benchmark Sensex 30 index down 58.1 percent for the year, as of late last month.

“市场在短期内令人满意，但对于中期，所有球员都有足够的空间。我估计基金行业在十年内估计三倍，“萨卡资产管理首席执行官同名的基础基金经理，等待监管批准。

竞争性发酵体现在India 20,亚博赞助欧冠’s third annual ranking of the country’s biggest fund managers。Reliance Capital Asset Management Co., a unit of the Reliance–Anil Dhirubhai Ambani Group, rises one place to top the ranking for the first time, with $20.9 billion in assets as of March 31. A combination of strong performance, new products and improved distribution helped Reliance pull away from the pack and displace UTI Asset Management Co., the country’s oldest money manager, which launched India’s mutual fund industry in the 1960s. Reliance captured more than 15 percent of all inflows into new fund offerings in the year ended in March, including 56.6 billion rupees ($1.4 billion) for its Reliance Natural Resources Fund, which debuted in January. The company increased its market share by 3.5 percentage points during the year, to 17.7 percent, and has grown its assets by 150 percent since the end of 2006, the cutoff date for last year’s India 20. Reliance’s assets were 67 percent greater than those of runner-up ICICI Prudential Asset Management Co. (the complete 2008 listing of India's Top 20 Money Managers will be available online on November 20, 2008).

后者公司是印度ICICI银行和U.K.保险公司审慎的合资企业，爬上两名，第二次，自2006年12月以来，资产增长率为61％，达到125亿美元。HDFC资产管理公司仍然是第三名，其次是UTI。Birla Sun Life Asset Management Co.和SBI资金管理分别向5个陷入困境，分别向第五和第六位移动，而富兰克林Templeton资产管理（印度）将两个地方滑动到第七个。舍入前十名，塔塔资产管理公司攀登一个地方，到第八位，DSP Merrill Lynch基金经理将一个插槽滑落到第九，并Kotak Mahindra资产管理公司获得一个地方，到十分之一。

Assets of the India 20 surged 59.4 percent, to $116.5 billion, at the end of March, from $73.1 billion at the end of 2006.

所有这些公司至少在短期内面临着更严格的环境，即使他们的前景仍然很强烈地展望未来。根据印度的共同基金协会，部分反映了股权价格下跌的危机价格下跌的急剧下降，在今年的前九个月内下降了12.1％至5.5万亿卢比。美元汇票资产下跌26.8％，达到1021亿美元，反映了卢比对美国单位的幻灯片。

But if the attitude toward stocks is cooling, enthusiasm about investing still appears to be gaining currency in the popular culture. Bollywood, India’s film industry, saw the release of a comedy, Saas Bahu Aur Sensex, or Mother-in-Law, Daughter-in-Law and Sensex, a family drama in which the leading women learn the ropes of investing.

高管表示，尽管今年股市急剧下降，但基金投资建立了稳健的蒸汽负责人。“投资者现在对共同基金充满信心，”孟买杰伊议员董事总经理兼首席执行官Nityanath Ghanekar说，该职位上升了六名到第14次，排名上市，资产为300亿美元。

第二年直接一年，固定收入和流动资金显示最大的吸引力。根据AMFI的数据，这些资金占新推出的1.6万亿卢比的72％的卢比，截至3月31日的12个月。大部分货币流入固定到期日，一种封闭式基金，可以购买与基金本身相同的生命跨度的证券。固定到期计划通常提供比其他固定收入投资更高的回报，并且利息以低于银行存款利息的税率征税。

股权共同资金的资产在3月份截至3月份的40％增加了40％，而在同一期间，Sensex中的20％增加了20％。今年的股票价格下跌遭到对股权基金的兴趣，但行业管理人员报告持续强烈对系统投资计划的需求，允许投资者按月或其他定期间隔将固定金额转向基金，这是一项有效的卢比成本。平均。“虽然自2008年1月起，但股权市场迅速为股票基金唯一的储蓄恩惠，仍然是继续加入资产的啜饮，”问的Kamdar说。

Aside from fixed-maturity plans, new fund launches in the last fiscal year focused on fairly new areas, such as small-cap stocks, international equities, infrastructure, natural resources, gold and capital protection.

在监管前的其他地方，Sebi采取了新的措施来削减投资者的费用。12月，监管机构允许投资者通过直接进入共同基金公司而不是通过经销商购买标准的2.25％的前台基金费。“Sebi的一步是一个有意识的投资者的良好选择，也将是一名经销商对任何不当行为者的可信威胁，”ISO，Resions Research India，Ane Progual Research Company，Ane Provance Research Company，总部位于德里的共同基金研究公司。

根据董事总经理VedVakash Chaturvedi的董事总经理介绍，塔塔资产管理公司直接从投资者获得了5％至7％的投资者的投资 - 但有些高管认为这将是一个唯一的主管在它之前的时间。

“我们需要搬到免费定价模型并区分委员会和咨询，”麦拉德资产全球投资管理（印度）首席执行官Arindam Ghosh说，韩国经理进入印度市场，并获得了231亿卢比在9月份与液体基金，一个非常短期的债务基金和两个股权基金的资产。

SEBI also sought to inject a note of caution by demanding in February that fund companies take at least five seconds to state the standard disclaimer, “Mutual Fund investments are subject to market risks — read the offer document carefully before investing,” in radio and television advertisements. Previously, the regulator found that the disclaimer was read so rapidly as to be unintelligible in most ads.

但基金公司本身不需要免责声明，因为他们继续急于进入市场。Two new entrants have launched funds since the fiscal year began in April: local investment bank Edelweiss Capital and Bharti AXA Investment Managers, a joint venture between an arm of Bharti Enterprises, a group that owns India’s biggest telecommunications operator, and AXA Investment Managers, an arm of the French insurer AXA. The venture has attracted 4.7 billion rupees with three funds.

Two others have obtained regulatory approval to enter the fund management business: U.S. bank Goldman, Sachs & Co., which plans to launch an open-end fund of funds investing in international equities, and a joint venture between India’s Religare Enterprises and Dutch insurer Aegon.

新进入者正在展望目前的股票市场，并专注于印度市场的巨大长期潜力。根据咨询公司McKinsey＆Co的调查结果，预计每年的印度资产将增长33％，到2012年达到4400亿美元。该调查预测零售业将享有最强的增长，扩大36每年达到42％，而机构市场预计每年增长25％至33％。2007年3月，潜在的10亿人口和高家庭储蓄率为23.8％，是兴奋的金钱经理。

等待进入印度市场的基金管理公司名单包括日本的Nikko资产管理和Schinsei Bank，Schroder投资管理（新加坡）和特拉华州的PGLH，美国保险公司谨慎。由于今年早些时候，国内房地产运动员住房开发和基础设施已申请了在SEBI授权此类基金之后的房地产互助基金许可。

Other foreign companies have established joint ventures with Indian partners in a bid to enter the market. Canara Robeco Asset Management Co., a joint venture between the money management arm of domestic lender Canara Bank and the Dutch mutual fund manager Robeco Groep, has built up 60 billion rupees in assets in 18 funds since winning regulatory clearance in September 2007. Pioneer Global Asset Management, a subsidiary of Italy’s UniCredit, reentered the Indian market by forming a joint venture with Bank of Baroda’s BOB Asset Management Co. The venture, which is 51 percent owned by the Italians, was renamed Baroda Pioneer Asset Management Co. in July. Pioneer had been the first foreign firm to enter India, back in 1993, before the Boston-based outfit was acquired by UniCredit, but it sold its venture, Kothari Pioneer, to Franklin Templeton in 2002.

All this competition is likely to make the going more difficult for fund managers and erode the industry’s high profit margins. “With so many players coming in, the pie will become smaller and margins will shrink,” says Tata’s Chaturvedi. Mirae’s Ghosh concurs. “It’s going to be a test of endurance going forward,” he says. “The industry has become a capital-intensive business, as money managers must spend on advertising, distribution, setting up a branch network, technology, etc., and cannot charge any of these costs to the fund.”

确保这是一个艰难的挑战。但是，越来越多的公司，印度和外国，渴望解决。