State Street plans India MF foray through GIFT City JV

US-BASED STATE Street Investment Management, which manages $5 trillion in assets and ranks among the world’s top three index fund managers alongside BlackRock and Vanguard, is planning its first India market foray through a joint venture in GIFT City under the International Financial Services Centres Authority (IFSCA), according to a person aware of the discussions.

- ANANYA GROVER

“The announcement is expected in 1-2 months,’ the person said. State Street did not respond to queries from Financial Express.

Experts noted that India’s passive funds industry has started to evolve with the launch of various smart beta products. Sonam Srivastava, founder of Wright Research, said the Indian asset management space is looking very interesting after the recent growth seen in their financials. “As the country grows, this space will become more attractive,” she said.