SBI to sell Fidelity''s mutual fund products countrywide

Mumbai: The State Bank of India (SBI), the country''s largest lender, has signed an agreement with Fidelity International''s Indian subsidiary to sell Fidelity''s mutual fund products through its network of about 9,500 branches countrywide, Fidelity said.

SBI will distribute the entire suit of mutual funs under Fidelity''s management throughout the country.

For the US mutual fund company, which entered India in 2005, the tie-up "provides a trusted platform to reach new investors."

Fidelity currently offers about a dozen mutual funds to Indian investors. Its flagship product, the Fidelity Equity Fund posted a 55 per cent return in the past year.

"We are delighted to partner State Bank of India to take our products out to a larger number of investors. We have long believed that growth in the Indian mutual fund industry will be driven by an increasing number of investors coming into the mutual fund fold. State Bank of India''s unrivalled branch network of over 9,500 branches provides a trusted platform to reach new investors. We look forward to working with State Bank of India to help customers understand the role mutual funds can play in achieving their financial goals," Ashu Suyash, head of Fidelity Fund Management (India), said in a statement.

State Bank of India serves an estimated 90 million customers.

"In keeping with State Bank of India''s growth plans into new strategic initiatives like wealth management, we are adding a new fund partner - Fidelity Fund Management - whose products we will be distributing. With the signing of the agreement with Fidelity, our customers will get easier access to Fidelity''s range of funds," said S.K. Mishra, general manager - marketing and cross-selling, State Bank of India.