Baltimore-based T. Rowe Price is widely expected to soon join some its key competitors in setting up an asset management venture in India, news reports from the Asia speculate.
Prudential, Franklin Templeton, Principal and Merrill Lynch already operate in the country. Most are through joint ventures with prominent Indian partners. The banks HSBC, ABN AMRO and Deutsche Bank are also present in the space. UBS and AIG, meanwhile, have expressed interest in the growing region, reports say.
Citing highly placed sources, The Hindu Business Line reported on July 21 that T. Rowe was recently in the country seeking "insight into the local market." T. Rowe would likely follow in the footsteps of its predecessors and form a joint venture, the report said, since the firm isn't terribly well known to the average participant in the Indian marketplace.