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New Star in Tata tie-up for India

New Star is to launch an Ind-ian equity fund in the second quarter of this year as part of a partnership with Tata Asset Management.

Tata Group is one of the biggest businesses in India with revenues of £14.6bn in 2006/07 which equates to 3.2 per cent of Indian gross domestic product.

New Star has stressed in recent times the need to build on its capacity in emerging markets.

The firm hopes the tie-up with Tata Asset Management, which manages £3bn of assets, will give it a competitive advantage by investing directly from India.

New Star founder John Duffield says: “To join forces with such a prestigious company as Tata Asset Management is tremendous news for New Star and our investors. Tata Asset Management’s competitive advantage combined with New Star’s expertise in the UK makes for a compelling investment proposition in what is one of the world’s most exciting growth markets.”

Hargreaves Lansdown investment manager Ben Yearsley says: “It is a good area that promises lots of growth and having a base directly in India will undoubtedly help.”

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