LOTUS India Asset Management, part owned by Singapore sovereign wealth fund Temasek Holdings Pte, plans to triple its assets to US$6 billion in two years, outpacing growth in the industry, said Chief Executive Officer Ajay Bagga.
Lotus India will offer new funds including those investing in real estate to tap rising incomes in the world's second-fastest growing major economy. Only 8 percent of the 7.35 trillion rupees ($166 billion) in Indian household savings are invested in mutual funds, according to the Reserve Bank of India.
"We're talking huge amounts of money being available," Bagga, 40, said in an interview in Singapore.
India's mutual fund industry has grown at the fastest pace after Russia and China in the last five years.