Greatest opportunity for us in asset management business is the growing middle class: Jenny Johnson
I think things like GIFT City is a great way, it is clearly an initiative designed to bring money into India and those kind of incentives are incredibly effective, says Jenny Johnson, President & CEO, Franklin Templeton.
Edited Excerpts
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Offering CollegeCourseWebsiteIndian School of BusinessISB Chief Digital OfficerVisitIIM LucknowIIML Chief Operations Officer ProgrammeVisitIIM KozhikodeIIMK Chief Product Officer ProgrammeVisitThere is a data point which shows that the stock market participants and mutual fund participants are very tiny compared to, say, the Netflix subscribers in India. So, this category is growing, but there is a furious bull market going on in India. India is the best performing globally. Do you still see good tailwinds for Indian asset management and Indian market prospects? I am not talking about a quarter or a year. I am talking about the vast majority of people, Indian investors are smartening up. They are taking longer-term bets. What would your message to them be?
Look, the greatest opportunity for us in the asset management business is a growing middle class and you look at it today and growth begets growth. We talked about it yesterday. The domestic economy grows, people’s wealth grows, people end up wanting to save for the future. You have a lot of people talking about the middle class in India is going to grow from 20-something percent to 40-something percent. All of those become great investors and clients and opportunities for
