India created the outsourcing industry. It pulls in $47 billion a year by "exporting" the contracting in of business processes. It's so identified with the practice, that it even is the subject of an NBC situation comedy, "Outsourced."

So, if you're thinking of setting up shop as a fund company there, says Paul O'Neil, chief executive officer of International Financial Data Services in Luxembourg -- a haven for funds that want to reach European and Asian customers -- sit down and absorb this thought:

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