ICICI Prudential MF launches 'fund of funds' scheme

ICICI Prudential Mutual Fund today launched an open-ended scheme which has the mandate to invest in overseas equities.

 

"ICICI Global Stable Equity Fund' targets high net worth individuals along with mass affluent segment," the private MF player said.

 

The new plan, called 'fund of funds' scheme, opened for subscription today and will close on September 10.

 

The scheme will invest in Global Stable Equity Fund of Nordea Asset Management Company, one of the largest asset managers in Europe and part of European banking Group Nordea.

 

Nordea Asset Management and ICICI Prudential AMC have entered into a partnership. As per the pact, ICICI Prudential will provide all India-related investing needs of Nordea's clients. And Nordea will act as the global partner for areas of global investing for ICICI Prudential's Indian clients.

 

"This new fund has been launched in partnership with Nordea, which provides an opportunity to domestic investors to invest in global equities," Nimesh Shah, Managing Director and Chief Executive of ICICI Prudential AMC, said here.

 

"We feel this fund will give an opportunity to Indian investors to invest in global equities, which will help them in getting stable returns along with diversification," said Himanshu Pandya, Senior Vice-President and Head (Products and Communication), at ICICI Prudential AMC.

 

This is the second such overseas fund of funds to be launched by the company, he said, adding that the earlier one -- US Blue Chip Equity Fund -- had given good returns to investors.

 

The company is a joint venture between ICICI Bank and UK-based financial services Group Prudential Plc in which the Indian private lender holds the majority stake.