The idea being pretty simple: the developed world is dependent on the emerging markets for its resources and its capital.
When it comes to mutual funds, Bhim Asdhir enjoys riding both the Indian tiger and the Chinese dragon. Asdhir is the founder of Excel Funds, a premier mutual fund company that focuses on emerging markets around the world.
The idea being pretty simple: the developed world is dependent on the emerging markets for its resources and its capital (more than a trillion dollars is invested in emerging markets).
Excel Funds, publicly listed on the Toronto Stock Exchange, was launched in 1996 with a dedicated India mutual fund called Excel India Fund launched in 1998.
“The initial thought was that the Indian people living in Canada will invest in the Excel India Fund. Unfortunately that did not happen immediately because the majority of Indian people had been in Canada for 20 years and had not yet returned to India. They thought that India was still the same with regard to corruption, political problems, poverty and racial tension,” says Asdhir.
“They did not know about the rapid economic changes that had taken place. About three years ago, Indians living in Canada started to invest in the company after seeing the performance of the fund as well as the maturity of the Indian markets.
Today India is associated with high growth, knowledge based industry, transparency, solid performance and a reputation for solid well run companies. Now, Canadians as well as Indo-Canadians are investing in India and other emerging markets,” he adds.
Asdhir’s parents hail from Punjab but moved to Delhi, where he was born. In 1980, the family left for Canada. Asdhir, then an awkward teenager, found himself in a new land.
Months later, when asked out by a rather attractive gal — Asdhir, then green about dating, asked his dad’s permission. His dad told him to concentrate on his studies instead.
From a shy geek to a charismatic power broker, Asdhir has emerged to command Bay Street, Canada’s financial district. Perhaps in a bid to hold onto those bashful days, Asdhir won’t reveal his age. Instead he says he feels like he is in new late 20s, thanks to yoga. Oh, and being dapper for a night out.
(Surya Bhattacharya is a journalist with the Toronto Star in Canada)
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