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As Europe steps out of a prolonged recession, mutual fund houses have begun launching schemes to tap the investment opportunity in that developed market.
JP Morgan Asset Management will open subscription for the Europe Dynamic Equity Offshore Fund on Friday. The fund-of-funds scheme will invest predominantly in the JP Morgan Funds – Europe Dynamic Fund, an equity fund which invests primarily in an aggressively-managed portfolio of European companies. The fund will be benchmarked against the MSCI Europe Index.
The MSCI Europe Index, which captures large- and mid-cap representation across 15 developed markets in Europe, gave out a return of 15.7 per cent in the last one year. Ccompanies such as Nestle, HSBC Holdings, Roche, Vodafone and Novartis are part of the index.
Recently, Religare Invesco Mutual Fund launched a similar scheme to tap growth potential in Europe.
JP Morgan’s NFO On January 9, Deutsche Asset Management India has renamed its DWS Global Thematic Offshore Fund as DWS Top Euroland Offshore Fund. The performance benchmark was also shifted from MSCI World Index to Euro Stoxx 50 Index, to align with its investment focus.
The new fund offering from JP Morgan will open on Friday and close on January 31.
Nandkumar Surti, Managing Director, JP Morgan Asset Management India, said, with economic indicators showing a positive trend, data points reversing and signs of developed Europe being on a growth trajectory, it is just the right time to offer this fund to the Indian investors.
“We believe, developed Europe is at a juncture where the US was in 2011 and there could not have been a more opportune time to seize this opportunity given the current momentum within Indian investors,” he said.
Religare profile Religare Invesco Pan European Equity Fund will invest in Invesco Pan European Equity Fund, which was launched in 1991 and has assets under management of $3.03 billion (Rs 18,992 crore).
Saurabh Nanavati, Managing Director, Religare Invesco, said action taken by the European Central Bank supplemented by individual governments have laid a strong foundation for gradual economic recovery, which has boosted investor confidence.
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