JP Morgan Asset Management India today launched a fund which will enable domestic investors to invest in US equity market.
JP Morgan US Value Equity Offshore Fund, which is an open-ended fund of funds scheme, will open for subscription on July 17 and closes on July 31, 2013.
As per the company, the objective of the scheme is to provide long-term capital growth by investing predominantly in J P Morgan Funds-US Value Fund, an equity fund that primarily invests in a portfolio of US companies.
“With the improvement in US economy, the equity market in US provides sound opportunities for domestic investors to invest in those companies. We feel the new fund will provide good diversification opportunities for the investors,” Nandkumar Surti, Managing Director and Chief Executive Officer of JP Morgan Asset Management India, said here.
He also said the fund house expects sound response from retail as well as institutional investors for this new fund offer.
“We expect a sound response to this new fund offer. We hope to garner reasonably good amount from this fund and expect it to be larger than the Asian fund, which has a corpus of around Rs 350 crore,” Surti said.
He also said that currency fluctuation would not have any impact on the return pattern of this fund over a period.
Referring to the growth opportunities seen in the US economy, Christian Preussner, Executive Director and Head of International Client Portfolio Manager of J P Morgan Asset Management, said,” The US economy has witnessed improvement due to boom in the energy and real estate sector, which gives attractive option to invest in US equities.”