ICICI Prudential Asset Management has launched ICICI Prudential Global Stable Equity Fund which would invest in units/shares of a global stable equity fund-unhedged managed by Nordea Asset Management Company.
It is an open-ended fund of funds scheme, which has the mandate to invest in overseas equities and seeks to provide adequate returns by investing in the some of the largest global companies, with a focus on risk control.
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The new plan, called ‘fund of funds’ scheme, opened for subscription on 27 August and will close on 10 September, with a minimum ticket size of INR5000 plus in multiple of INR1.
The product will be an opportunity to derive benefit of diversification over markets and sectors, and positive growth projections which have low correlation to Indian equities.
The fund is benchmarked against MSCI World – Net Return Index.
Nimesh Shah, MD and CEO at ICICI Prudential Asset Management, said the fund is aimed at capitalising on a global recovery.
Shah said:"Global economies are on the path to recovery; global equities are currently available at reasonable valuations to the investors. With this context, the Indian investor can choose to make attractive global assets a part of their portfolio.
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By GlobalData"The idea behind the launch of ICICI Prudential Global Stable Equity Fund is to provide an opportunity to Indians to invest in a global product that provides them access to investing into stable companies across the globe," he added.
Allan Polack, CEO at Nordea Asset Management, suggested that the fund would be a good way for Indians to diversify their portfolios.
Polack said: "Indian equities represent about 2% of the world’s equity assets leaving 98% of the pie as untapped potential for Indian investors. With this product, Indians have the chance to participate in the global equities that focus on stable business acumen."
