Mirae Assets to launch 4 more products this fiscal

Mirae Assets today said it will come out with four new products by the end of the current fiscal as it aims to capitalise on the growing interest of investors in mutual funds.

"We will be filing for more products with the market regulator SEBI and expect to launch four funds this fiscal. The portfolio of these funds will be spread over debt and equity and will give an opportunity to invest in overseas markets," Mirae Asset Global Investments (India) Equity Head Gopal Agrawal told PTI.

The MF would be launching a BRIC Consumption Fund, a Balanced Fund, an Indo-China Consumption Fund and a Monthly Income Plan, details of which are still to be worked out, he said.

Mirae Assets, one of the top global players in the emerging markets, currently manages assets worth nearly Rs 300 crore. About 90 per cent of the MF's asset under management (AUM) is in equities.

The fund has recently launched its first overseas equity fund – China Fund, focused on CSI 300 Index stocks – for Indian investors.

"We want to give investors an opportunity to diversify their portfolio from the Indian markets to emerging economies like Brazil, Russia and China. These markets have huge return potential," he said.

Mirae Assets currently has four funds operational, with the latest being Mirae Asset Emerging Bluechip Fund. The New Fund Offer (NFO) of the said scheme would close on June 22 and the returns would be benchmarked against CNX Midcap Index.

On receipt of SEBI approval, the proposed Indo-China Consumption Fund is likely to allocate 65 per cent of corpus to capture Indian consumption stories in different sectors and the balance in the stocks of Chinese consumption-driven firms.

When asked if the fund is in need for any capital or is looking for a joint venture, Agrawal said, "We have sufficient income from our advisory business. We started with a capital of $50 million and as and when required we can look at consolidation opportunities."

Mirae Assets is a player in the country's Rs 8 lakh crore asset management business. Currently there are 37 players in the industry, cumulatively managing assets worth Rs 8.03 lakh crore at the end of May.

Source: http://www.business-standard.com/india/news/mirae-assets-to-launch-4-more-products-this-fiscal/97026/on