02-10-2008, 07:50 PM
<b>South Korea's Mirae launches first Indian fund</b>
7 Feb, 2008, 2147 hrs IST, REUTERS
MUMBAI:Mirae Asset, South Korea's biggest asset manager, on Thursday launched its first Indian fund to join the country's Rs 5.5 trillion fund industry.
Subscription to Mirae Asset India Opportunities Fund will open on February 11, Mirae's India unit chief executive Arindam Ghosh said, adding his firm would launch 14-16 more funds, including a globally invested scheme and a quant fund, in the next 18 months.
"It's a fund that sits between a large diversified equity fund and a thematic fund," Ghosh said, adding the fund will invest in 40-45 stocks and not have any bias towards a particular theme, market capitalisation, style of investment or sectors.
The fund will also take active cash calls and exposure to derivatives to manage risk, he said.
Mirae joins foreign firms such as American International Group, JPMorgan and world's largest publicly traded asset manager BlackRock who are eyeing Indian fund industry which saw assets rise 63 per cent in the last one year.
The Indian fund arm of Morgan Stanley also launched a fund on Thursday, marking plans to expand in India after a gap of about 14 years.
Mirae has started operations from 23 centres and an investment management team of 14 people, Ghosh, a former executive at Fidelity International, said.
The firm appointed Gopal Agrawal, who earlier worked for SBI Funds Management, as equity fund manager and roped in former Tata Asset Management's head of fixed income Murthy Nagarajan to head its fixed income operations in October.
7 Feb, 2008, 2147 hrs IST, REUTERS
MUMBAI:Mirae Asset, South Korea's biggest asset manager, on Thursday launched its first Indian fund to join the country's Rs 5.5 trillion fund industry.
Subscription to Mirae Asset India Opportunities Fund will open on February 11, Mirae's India unit chief executive Arindam Ghosh said, adding his firm would launch 14-16 more funds, including a globally invested scheme and a quant fund, in the next 18 months.
"It's a fund that sits between a large diversified equity fund and a thematic fund," Ghosh said, adding the fund will invest in 40-45 stocks and not have any bias towards a particular theme, market capitalisation, style of investment or sectors.
The fund will also take active cash calls and exposure to derivatives to manage risk, he said.
Mirae joins foreign firms such as American International Group, JPMorgan and world's largest publicly traded asset manager BlackRock who are eyeing Indian fund industry which saw assets rise 63 per cent in the last one year.
The Indian fund arm of Morgan Stanley also launched a fund on Thursday, marking plans to expand in India after a gap of about 14 years.
Mirae has started operations from 23 centres and an investment management team of 14 people, Ghosh, a former executive at Fidelity International, said.
The firm appointed Gopal Agrawal, who earlier worked for SBI Funds Management, as equity fund manager and roped in former Tata Asset Management's head of fixed income Murthy Nagarajan to head its fixed income operations in October.