The Reserve Bank of India (RBI) is expected to appoint Mercer Investment to prepare an investment framework for the country's $251.7-billion forex reserves. This will be the first time RBI has given the mandate to any organisation to work as investment advisor for the fund.
Australia based Mercer has been selected after two rounds of bidding process-technical and financial, said sources knowledgeable about the process.
The timing of the arrangement has about afraid analysts. Ila Patnaik budgetary economist Ila Patnaik told FE, as best countries accept invested their affluence in US dollars to ensure best liquidity. "Unless money markets stabilise beyond the globe, it seems difficult to visualise any arrangement that is skewed from the US treasury bonds. So I don't see too abundant of role for any advance advisor", she said.
The Indian affluence accept absent about $50 billion in the advance of 2008-09. Mercer Advance will run the authorization for a aeon of three years. The others who were in the chase for the celebrated arrangement accommodate McKinsey, Boston Consulting Group, KPMG and Ernst & Young. Mercer allegedly got the arrangement on the base of the everyman administration fees, it quoted.
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