US-based Fidelity conducting strategic review of Indian MF biz.

US-based Fidelity conducting strategic review of Indian MF biz

New Delhi, January 30, 2012 (PTI) -- US-based Fidelity Worldwide Investment today said it is conducting a strategic review of its Indian asset management business.
The Indian business of Fidelity, FIL Fund Management Pvt Ltd (FFMPL), started operations in the country in 2004 and manages assets of one million customers worth over Rs 9,000 crore.
"Fidelity Worldwide Investment is conducting a strategic review of its onshore asset management business in India; as with strategic reviews all options are being covered," a Fidelity spokesperson said.
"We remain fully engaged in and committed to the process of successfully managing money for clients using all the resources of the company as required," the spokesperson added.
Amidst reports that the US-based parent is looking at selling its Indian Mutual Fund business, sources said that the strategic review could take around a year's time to get completed. PTI JD CS MR 01301840