Global fund houses look to India JVs amid turmoil

Forex Pros – Global financial turmoil and recent attacks in Mumbai will likely spur foreign fund houses still looking to enter the high potential India market to hedge their risks with local partnerships rather than going it alone.

Factors such as high brand building costs and knowledge of local issues have already spurred most international players to favour joint ventures over "greenfield" operations as they seek to tap the relatively fast-growing and savings-rich economy.

The requirement that foreign fund houses put up $50 million in capital for a wholly owned operation, compared with a tenth of that or less for a joint venture, is also seen fuelling the trend as hard-hit Western money managers seek to preserve cash.

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