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Ravi Ranjan Prasad

Hong Kong, June 8 To cash in on the booming commodity prices Mirae Asset Mutual Fund, Indian arm of the Korea-based Mirae Asset Financial Group, is planning to launch a ‘Global Commodity Stock Fund’ shortly.

“The open ended equity fund will invest in equity and equity-related securities in the commodities business,” said Mr Arindam Ghosh, CEO, Mirae Asset Global Investment Management (India) here, to media persons on a visit to the city organised by the company.

The above fund will be one of the nine funds (four domestic equity, four offshore and one hybrid fund) that Mirae Asset plans to launch in FY 2008-09 in India.

“For long term investors this is the time to invest in commodities as commodity prices have to move up as people get richer and consume more,” said Mr Vigyan Rao, Portfolio Manager & Head of Regional Resources Sector Research, Mirae Asset Global Investments(Hong Kong) Ltd.

“Around 75 per cent of global population has a per capita income of less than $10,000. As this population gets richer they will consume more leading to major increase in prices,” said Mr Rao.

The fund will focus on companies that are directly or indirectly associated with the commodities business and hence can benefit from the growth potential of this segment.

At least 65 per cent of the new fund’s corpus will be invested abroad to ensure that it can tap the globally rising demand for commodities and provide a superior return for its investors.

“In terms of fund management, we would be leveraging the expertise & experience of our international affiliates for managing the overseas portfolio component,” said Mr Ghosh.

“We are aggressively pursuing our plans to make deep inroads into the Indian Mutual Fund market,” said Mr Ghosh while announcing the future plans of the Mirae Group in India.

Since commencing operations in Indian in November last year Mirae has three mutual fund schemes across equity and fixed income.

More Stories on : New Fund Offer | Commodities

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