A phone call that changed my career
The year was 2004. I was fresh off the launch of Franklin India’s Flexi Cap Fund, one of the largest
NFOs of those times. My experience with Franklin Templeton had taught me the importance of
distributor engagement, and it helped generate strong business. At that time, there was a buzz in
the industry about Fidelity setting up business in India, and one day I received the call that would
professionally change me. Forever.
The Importance of Background Vetting!
I met with Ms Ashu Suyash, Fidelity India’s CEO. That first meeting with her has gone down in my
book as unforgettable. Alongside, the Fidelity selection process will remain unique: There were five
more interviews! I met the Sales and Marketing Head, two Zone Heads, the Compliance Head and
Human Resources Head. This company valued and enthusiastically welcomed my five years of
tech experience – earlier, it was dismissed by the industry and it bothered me. Finally, I was
shortlisted with one more, but final stage to clear – Background Vetting! HR asked for my life’s
history and geography till then, after which an external agency contacted my school, neighbours,
and local police station, checked the authenticity of submitted certificates and even spoke with my
current employer! Only after the company was convinced about my past, present and future
abilities, and more importantly, my character, I was accepted into the fold. My sixth sense pointed to a
future of 360-degree change, and I saddled up for the ride. I was on Cloud Nine and appointed to
manage the business in the South Zone – Bangalore, Chennai and Hyderabad.
Fidelity – How the World’s No.1 announced itself in India
The final SEBI approval to launch products was still awaited, but the founding team – less than
twenty high-octane professionals – worked 24/7. We hosted partner events to acquaint the
distribution fraternity with Fidelity’s credentials and culture. At these meetings, our partners
interacted with global leaders in person – one being Anthony Bolton, the fund manager of the
famous Special Situations fund – and went home with books by the renowned Peter Lynch. The
momentum continued with the commencement of an investor education drive that was more of a
crusade. Delightful cartoon-based guides that took intimidation out of investing were printed by the
thousands for distribution, and their simplicity was magnetic.
I knew something memorable was on the anvil for the Indian mutual fund industry as Fidelity
announced its India chapter in February 2005. In the country’s leading Dailies, the world’s No.1
stated its goal to “make customers’ money grow”, which remained unchanged since its inception.
The country was also introduced to “bottom-up” stock-picking or investing in rigorously researched
companies only for their core strengths – as Fidelity believed customers’ futures needed to be built
on solid foundations, not transient market trends. Now, who could argue with an approach that had
worked for almost sixty years then, in country after country, for millions of customers, promising
integrity, opportunity and fidelity, in the true sense of the words?
Fidelity Equity Fund Launch
By the time the maiden fund, Fidelity Equity Fund launched, the mutual fund industry was
convinced that Fidelity wielded the power of push and the strength of pull. On the last day of the
NFO, I can only remember being on the road till 3am stuffing my car and its boot with application
forms… All hands were on deck in Mumbai and Delhi too, till daybreak. The adrenalin was
palpable for the smallest AMC team in the country with a network of just three centres… Fidelity
India went from 0 to 1500 crores invested by around 150,000 investors from over 300 cities. Whoa!
Accolades
Soon, Fidelity India was judged The Best Equity Fund Group by Lipper. In addition, Fidelity Tax
Advantage Fund, Fidelity Equity Fund and Fidelity India Growth Fund were highly rated by
Morningstar and Value Research and swept up the industry’s most coveted awards. It is also
universally agreed that Fidelity’s brand marketing has not been superseded to date – right from our
simple education guides, audio-visual experiences, one-of-kind brand launches, and thought
leadership efforts, especially during the bear phase – they all left an indelible impression.
Did You Know?
As a closer to this blog, let me end with a simple quiz that should tell you why the Fidelity
experience in India will remain unrivalled. DID YOU KNOW:
You could not invest via a SIP in an NFO till Fidelity Equity Fund changed the rules in 2005?
Special Situations and Global Assets did not exist as investing concepts till Fidelity launched these
funds?
You could not access your account on your cell phone till FidelityAnywhere was launched as an
ISC in your hands, and likewise, a dedicated partner call centre did not exist before Fidelity
launched FidelityBrokerline?
Fidelity Value Fund was the first NFO on the MF counters of the Exchanges?
Fidelity rewarded a Loyalty premium to customers who stayed invested for five years in Fidelity
Equity Fund?
