However, the company would like to focus on its life and non-life insurance businesses in India.
Japanese financial major Tokio Marine Holdings, which recently entered into a life insurance joint venture agreement with Edelweiss, today said that it is mulling to enter into the Indian Asset Management space.
"As for Indian Asset Management Company, there is a possibility to enter into the area in the future," Hiroshi Endo, managing director, Tokio Marine Holdings, said.
Endo, however, said that, at this moment, the company would like to focus on its life and non-life insurance businesses in India. It has a non-life insurance joint venture with Iffco.
Tokio Marine Holdings, which is the holding company of the Tokio Marine Group is one of the leading insurers globally, and recorded a revenue of USD39 billion in the last fiscal.
Tokio Marine Asset Management Company, incorporated in 1985, has total assets under management of Japanese Yen 4.6 trillion, as of September 30, 2009.
Consolidation has started creeping in in the Indian mutual fund industry, where over 35 fund houses are operating at the moment.
"Many overseas fund houses are eyeing for inorganic growth in the Indian market, which is fiercely competitive," an industry official said.
Recently, US-based money manager T Rowe Price bought 26% stake in UTI Mutual Fund for USD140 million.
The mutual fund industry in India started in 1963 with the formation of Unit Trust of India and until 1987, only two fund houses, both public sector entities, were operating.
The government, however, allowed private sector funds in 1993, which changed the way of the industry with innovative products and better customer services.
From then on a plenty of domestic and foreign fund houses started launching new funds in India. The total AUM was USD118 billion as in August, 2007.
The total AUM of the Indian mutual fund industry stood at Rs637,180.5 crore as on September 30, 2009.
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