The Hindu Business Line : ICICI Prudential launches Indo-Asia Fund

Investors now have one more option to invest overseas and this time specifically in Asian markets. ICICI Prudential AMC has launched ICICI Prudential Indo Asia Equity Fund, an open-ended diversified equity scheme investing in equity and equity related instruments in India and Asia.

The fund will invest 65-100 per cent of its corpus in Indian equity, while 0-35 per cent will be invested in Asian Equity Fund (an open-ended equity fund managed by Prudential Asset Management, Singapore) that invests in equity markets across the Asia-Pacific region, ex-Japan.

The new fund offer, which opened on Thursday, closes on September 21.

“In the current scenario, seven out of the ten fastest growing economies in the world are in Asia and the Indo-Asia Equity Fund provides an opportunity to the investors to gain from the growing markets in India and Asia,” said Mr Nimesh Shah, Managing Director, ICICI Prudential AMC.

Enjoy tax status

The objective to invest 65 per cent in Indian equities is to enjoy the tax status of an equity fund and get exemption from the long-term capital gains tax, as per the Sebi guidelines.

The investment in Indian equity will follow a flexi-cap style and the Asian Equity fund follows a diversified approach.

The Asian Equity Fund has delivered a return of 41.13 per cent for a one-year period and manages $590 million as of June 2007.

More Stories on : New Fund Offer | Mutual Funds | Overseas Investments

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