Stocks

Mirae Asset to launch more equity products

| | Updated on: Mar 15, 2011

Mirae Asset Management has said that it will come out with three more products in the current year which will be mostly in the equity schemes.

“We are planning to come out with 2-3 products. We will be flexible in product planning, but we will focus on equity products,” the Mirae Asset Global Investments (India) Chief Executive Officer, Mr Arindam Ghosh, told PTI.

He said although Mirae Asset’s main focus would be on equity funds, it also plans to launch hybrid products, in the nature of monthly income plan soon.

“We are exploring launching a hybrid product. We are also exploring the option of adding an exchange traded fund (ETF) to our product basket,” Mr Ghosh said.

Last week, the company launched ‘India-China Consumption Fund’, which is an open-ended equity-oriented scheme. The fund will invest its corpus in Indian and Chinese stocks that benefit from consumption-led demand.

“There is a lot of value in the stocks of companies in the consumption sector. The upside is huge and volatility is low,” Mr Ghosh added.

The scheme, which opened for subscription on March 9, would close on March 23. The fund would invest 65-90 per cent of its assets in Indian equities and the remaining in Chinese equities.

At the end of December 2010, Mirae Asset has an average asset under management (AUM) of Rs 328 crore. The average assets managed by the MF industry, consisting of 40 players as of December 31, 2010, stood at Rs 6,75,377 crore.

Mirae Asset Management already has four equity funds in the market — India Opportunity Fund, Global Commodity Stocks Fund, China Advantage Fund and Emerging Bluechip Fund.

Published on March 15, 2011

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