The Hindu Business Line : AIG Global launches maiden scheme

NEW SCHEME: Mr Sunil Mehta (left), Country Head and Chief Executive, India American International Group, Inc and Mr Ravi Mehrotra, Managing Director, and Head of Asia Asset Management Companies for AIG Global Investment Group at a press conference to launch the "AIG India Equity Fund" in Mumbai on Wednesday. - Shashi Ashiwal

Mumbai April 25 US-based AIG Global Investment Group on Wednesday announced the launch of its maiden scheme in India — AIG India Equity Fund.

The fund is an open-ended equity fund aiming to generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity-related securities including equity derivatives.

The maiden offering of AIG Global Investment Group will invest 80-100 per cent of its corpus in equity and equity related securities and 0-20 per cent in debt and money market instruments.

It is an open-ended diversified equity fund with no biases in favour of particular sectors.

AIG Global Investment group believes no single sector has outperformed consistently over the long term.

Flexibility is key

The key to consistent long-term performance is to have the flexibility to pick stocks without having any restraints on style, sector, theme or market capitalisation, the company said.

The minimum investment amount is Rs 5,000.

"AIG India Equity Fund is the first among a range of investment solutions that we plan to offer," said Mr Ravi Mehrotra, Managing Director and Head of Asia Asset Management Companies for AIG Global Investment Group.

The new fund offer is priced at Rs 10 per unit (plus applicable entry load) and will be open for purchase from May 3 to May 31. The fund will re-open for ongoing purchases-redemptions on June 29.

About future options in India, Mr Sunil Mehta, Country Head and Chief Executive, India, American International Group, Inc said, "We are looking to participate in India's infrastructure."