'We'd like to be in the top 10 in the next 3-5 years'
Christopher Spelman, CEO, JP Morgan Asset Management Company, spoke to HT on his plans to build JP Morgan AMC as a retail brand in India.business Updated: Apr 26, 2010 23:39 IST
What's new in your plans?
We want to launch a range of international equity products as we believe we have a competitive advantage there. We believe that global diversification is important as India may remain strong over the next 5-10 years but is unlikely to be the best performing stock market every single year.
What is the kind of earnings growth you see for India?
I expect earnings growth to be between 20-25 per cent over the next three-five years. We believe that the stock market could go back to the growth phase we saw between 2002 and 2007. The price to earnings (PE) ratio stands at around 17, which is higher than the historic average of around 15. We believe there will be an earnings upgrade.
You are not a big player in India terms of assets under management (AUM).
While it may be difficult for us to become number one in the short- term, we would like to be in the top ten in the next three-five years.
What steps are you are taking to strengthen your presence?
We are looking to strengthen our branch network from seven to increase our coverage in the next 18-24 months.
What will you do to build your brand among retail investors?
It is something that we will be working on. It is a challenge and it can't happen overnight. We will selectively look to do some branding and would want to be the Indian fund manager of choice for international equity.