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NFO Review: JP Morgan floats Asean Equity fund

 

JP Morgan Asset Management India on Tuesday floated an open ended fund of funds scheme called JP Morgan JF ASEAN Equity Offshore fund, which will primarily invest in companies from countries such as Singapore, Thailand, Indonesia, Malaysia and Philippines.

These countries represent the Association of South East Asian Nations (Asean). Along with these countries, the fund will also invest in five peripheral countries such as Vietnam, Brunei, Lao PDR, Cambodia and Myanmar.

The fund is riding on a steady economy, burgeoning middle-class, growing tourism and resilient financial sector that these countries offer.

The underlying fund has invested over 90 per cent of its funds in Singapore, Thailand, Indonesia and Malaysia as on Mar 31, the company said. "We believe Asean offers one of the most compelling investment opportunities in the region. Apart from the wealth of natural resources, countries in this region have low debts levels, strong population growth with positive implications on consumption and increased infrastructure spending. We expect the Asean bloc to be the sixth largest globally by 2025," said Adam Mathews, MD & head-Asian CPM team, JP Morgan AMC.

Arindam Ghosh, vicepresident, head ­ retail sales added "One should remain invested in India's long-term growth story, but the fund provides local investors an opportunity to invest in countries outside India which are offering them to participate in their growth story". The fund is open from June 10 to June 24, and the performance of the fund will be benchmarked against the MSCI South East Asia Index.

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