ICICI Prudential launches Indo Asia Equity Fund

Ahmedabad, Aug 24 (UNI) ICICI Prudential Mutual Fund has launched an open-ended diversified equity scheme ''ICICI Prudential Indo Asia Equity Fund'' that will invest predominantly in equity and equity related securities in India as well in Asia-Pacific region.

Addressing media persons here today, Nimesh Shah, Managing Director ICICI Prudential Asset Management Company said that individual investors can now have the opportunity to participate in the global markets and have an advantage of a diverse portfolio.

He said, ''If we look at the current scenario, seven out of the ten fastest growing economies in the world are in Asia.'' Hence, the Indo Asia Equity Fund provides an opportunity to the investors to gain from the growing markets in India and Asia. Over and above, he said that Asian market is the best performed one and is cheapest in the entire world.

The new Fund offer from August 23 to September 21 will invest 65 per cent or more directly into Indian equities and will initially invest upto 35 per cent in Asian Equity Fund, he said.

Mr Shah said that the initiative to invest in Asia was taken because it is one of the most rapidly developing and industrially diverse areas in the world with some of the world's most exciting investment opportunities. He said that Asia has emerged as a global leader in World Trade as it contributes to 23 per cent of the world trade compared to 12 per cent contributon of the United States.

Equity market appreciation has been supported by growth in corporate earnings as the region witnessed a rise in the ''Return on Equity'' from 9 per cent in 2001 to 16 per cent in 2006. Market capitalization of Indian stock market is just 0.50 per cent of world market capitalization hence an investor who invests only in Indian equity is missing out on a larger investment universe and its potential return, he said.

UNI