GUINNESS Flight Asset Management has taken a stake in a US$1 million fund management company in India as part of its strategy to expand into the region.
First India Mutual Asset Management, based in Madras, is a joint venture with First Leasing Company of India and Guinness Mahon.
James Leslie, executive director of Guinness Flight, said the company would primarily aim at developing the indigenous Indian unit trust market.
Mr Leslie said it also would assist in managing the Indian portfolio of the company's Global Emerging Markets and offer the prospect of launching a separate India fund.
First Leasing Company of India would have an equity of 70 per cent, and Guinness Flight and its parent Guinness Mahon would hold 20 per cent and 10 per cent respectively.