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PineBridge Investments, which was once owned by the American International Group (AIG) and has since been taken over by Asia-based the Pacific Century Group, is now launching an America focused fund for its Indian investors.
The fund will be a conduit which will look to invest in mutual funds that invest in the shares and other related equity securities of businesses which have assets, products or operations in the United States of America, according to a document filed with the Securities and Exchange Board of India.
“At least two‐thirds of the underlying fund’s total assets will be invested in equities and equity‐related securities (excluding convertibles and bonds with warrants attached) of issuers included in the Russell 1000 Index domiciled in or exercising the predominant part of their commercial activities in the United States. Within the remaining one third, the underlying fund may invest in transferable securities not meeting the above requirements,” it said.
The fund will largely invest in the PineBridge US Large Cap Research Enhanced Fund. The Scheme may also invest a certain portion of its corpus in debt and money market securities.
The Dow Jones industrial average and the Standard & Poor’s 500 index, both of which are seen as an indicator of how well the US markets are doing, hit intra-day highs on Tuesday.
