Financial Daily from THE HINDU group of publications
Thursday, Jan 26, 2006
Financial Daily from THE HINDU group of publications Thursday, Jan 26, 2006 |
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Asset Management Companies Markets - Mutual Funds JP Morgan's India fund in Japan gets good response Jayanta Mallick
Kolkata , Jan. 25 JP Morgan Fleming Asset Management (Japan) has elicited enthusiastic response for its first India-dedicated equity fund in the Land of the Rising Sun in its first month of existence. Responding to queries from Business Line, the spokesperson of JP Morgan Fleming Asset Management in Japan said that the recently launched fund, titled `Jardine Fleming India Equity Active Open', has raised funds worth 15 billion Japanese yen (current conversion rate is around: 100 JPY = Rs 38.45) as on January 18, since its inception. The fund has already begun to invest in Indian equities through JF Asset Management Ltd, based in Hong Kong, a group affiliate. The inflow to India began immediately after the fund's inception on December 19, 2005, the sources said. The open-ended fund is following a strategy of investing only in the free-float MSCI India Index stocks. This new India-specific equity fund is one among several funds launched since the middle of 2005 in Japan. It is estimated that around $4 billion has been raised in Japan for Indian equity investments in the last six months by various global financial firms, including Nomura and Morgan Stanley. Sources in the international financial major said that the appetite for Indian stocks was still strong and growing in Japan, both in retail and institutional segments despite words of caution from certain quarters. "But we think the Japanese retail investors are more aggressive about Indian equities compared to the institutions," the official said. In view of increasing attraction for the Indian capital market among Japanese investors, the AMC's spokesperson did not rule out the possibility of launch of more India-specific funds in future from the JP Morgan stable.
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