AIG launches equity fund

Mumbai, Apr 25 (UNI) AIG global investment group has its way to the Indian equity market with the launch of AIG India equity fund, a maiden equity scheme from AIG in India.

The fund, which will open for purchase from May 3 to may 31, will be the first amongst the investment solutions that AIG plans to offer in Indian market, the company announced today.

The USD 670 billion firm has unfurled the open-ended equity for Indian customers 'to generate a long term capital appreciation from a diversified portfolio of predominantly equity and equity related securities including equity derivatives'.

''The newly launched fund has no bias towards any particular sector and is flexible to pick stocks without having any restraints on style, sector and market capitalization'', said chief investment officer Tushar Pradan while announcing the scheme.

The newly launched equity fund will have the support of AIG global investment group through an intranet-based knowledge system called quity platform for investment communication(EPIC), said Pradhan.

The new fund is priced at Rs 10 per unit and will be re-opened for ongoing purchases/redemptions no later than June 29.

The scheme has been slated to be invested up to 95 per cent in equity and equity releated securities and will have 5 per cent in shor-term debt and money market instruments to meet short-term liquidity requirements. The investment will be centered in companies over the conitinnum of growth through value, said AIG.

UNI