ASK Capital gets Central Bank of Ireland nod to launch India-based fund

ASK Capital has received approval from the Central Bank of Ireland to launch an India-based fund — ASK Indian Entrepreneur Fund — through the UCITS route. ASK is the fourth asset or wealth management firm in India to receive approval for an UCITS (Undertakings for Collective Investment in Transferable Securities) fund. Kotak AMC, Whiteoak Capital and UTI AMC already have such funds.

UCITS is a regulatory framework of the European Commission for management and sale of mutual funds.

"Given the intense regulatory process to have a fund approved as UCITS compliant by a regulator, the UCITS label serves as a stamp of quality and reliability for overseas investors," ASK said in a press release.

The UCITS vehicle ASK Indian Entrepreneur Fund will be modeled on ASK’s flagship portfolio management services (PMS), ASK Indian Entrepreneur Portfolio.

"ASK’s Ireland-domiciled UCITS Fund provides global investors with a familiar, tax efficient, and convenient access to the high-growth Indian equity markets. With UCITS approval in place, we hope to reach out to institutional investors, endowments, pension funds, family offices, and investors via private banks across Europe, Middle East, Latin America, and parts of Asia," said Sameer Dev, CEO, ASK Capital.