Swiss bank Amas plans to launch India-dedicated private equity and offshore mutual funds in January, a senior official said on Wednesday, as it expects a strong bull market to return by end of next year.
“The first thing we are launching is offshore fund and down the line private equity fund,” K.C. Reddy, global head of asset management of Amas Bank (Switzerland) Ltd, told Reuters in a telephone interview from Geneva.
“Also, we will be looking to launch domestic mutual funds subject to acquiring licenses in 2009,” said the fund strategist, who on Monday joined the bank, part of India’s Hinduja Group. Reddy, who oversaw $1.2 billion as chief investment officer of the Indian fund arm of Fortis Group till last month, said there was a “90 percent probability markets have bottomed out” and it was the right time to expand in India.
“I think it’s the best time to invest in equities, certainly in India,” the investment manager said, adding he expected a strong bull market to return towards the end of 2009.
“I believe that we are at the beginning of a 5-10 years of massive bull market in India… we may not see immediate results for sometime but the base is being built here,” Reddy said.
After rising a stunning 500 percent over five years to 2007 end, Indian shares .BSESN are down by more than half this year, slammed by foreign portfolio outflows and a slowing economy.