Mugunthan Siva has been running the India Avenue fund since 2016, and has learned a thing or two about spruiking the India story to Australian investors in that time.
“Everyone is trying to diversify the global supply chain away from China and maybe reduce the importance of that country,” Siva says.As such, Indian authorities have jumped in, rolling out incentives for foreign businesses looking to manufacture or do business in the country, and slashing the corporate tax rate.Siva’s love affair with India began after a career in superannuation.
Siva packed up his family, and for three years he built ING’s Indian asset management business, with three other men who ultimately became his co-founders. Siva says for years the middle-man was the winner of India’s economic growth, and any business that clipped the ticket or added to India’s bureaucracy made money.
Siva and his co-founders still own about 50 per cent of the fund, and thanks to several profitable years, they don’t have to further dilute the business.But ultimately, investors in the first fund began asking for something more concentrated. The Indian story was clear, and Siva’s team had shown they knew what they were talking about, but they wanted a higher conviction fund across three or four themes.
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