TAIB Bank is planning to begin the roadshow for its $50 million India fund at end of August, and then open the fund to subscribers at the end of September. The Everest Fund is part of TAIB's strategy to develop its activity in India, which includes setting up a joint venture merchant bank that will act as the Indian adviser to the fund (MEED 3:3:95).

'This year we are focusing our attention on India, because we think it is a growing market,' says Ramu Kennedy, who is to move from Bahrain to the Indian merchant bank to become head of asset management. TAIB Capital Corporation is 51 per cent owned by TAIB, with the remainder held by 10 leading industrial companies. The Bangalore-based bank will offer asset management and corporate advisory services, as well as acting as placing agent for Indian issues through the TAIB network of international offices. The bank is expected to begin operations in October, including advising the Everest Fund.

The Everest Fund is Luxembourg registered, and will invest in mainly medium-sized companies, as well as shares in some blue chip institutions and other investment instruments. The launch was originally planned for the spring, but was postponed because of the poor appetite for emerging market stocks following the Mexico crisis at the end of 1994.