Kuwait Investment Authority (KIA), the Gulf state's sovereign wealth fund, has selected five domestic mutual fund houses to manage its India equity portfolio.
Birla Sun Life Mutual Fund, DSP Blackrock, ICICI Prudential, Canara Robeco Mutual Fund and Franklin Templeton will manage over $1 billion of KIA's money in India.
The fund houses have been allocated funds in the range of $200-300 million, according to people familiar with the matter. Almost 90% of the corpus will be invested in equities.
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