A decade back, Morgan Stanley – the first foreign asset manager to enter India – made a disastrous start when it faced the ire of retail investors.
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Unfamiliar with the risks of investing in equity funds, these investors had seen their savings shrink with a falling market.
Learning from those early mistakes, and helped along by tax breaks to mutual funds and troubles at giant state-controlled asset manager Unit Trust of India, foreign fund managers have had an impressive run of growth.
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