JPMorgan Chasing Business In India

JPMorgan Chase has launched a two-prong attack to expand its business in India. According to Reuters, the investment bank is looking to increase its staff of JPMorgan India Private well above the current 150, with salaries rising up to 25% in an effort to attract talent. "In this environment, the cost of hiring has risen quickly," Dominic Price, who chairs the Indian unit, told Reuters. Meanwhile,JP Morgan Asset Management is planning to re-enter India's mutual fund business, following the lead of Fidelity Investments, which opened an office there last March. The firm has hired Krishnamurthy Vijayan, former CEO of JM Financial Mutual Fund, to head the new mutual fund unit, which is expected to open its doors later this year, pending approval by the Securities and Exchange Board of India. JP Morgan has been out of the Indian fund business since 2001, after it had acquired Jardine Fleming.