Axis MF launches global fund, aims to raise up to Rs 1,500 crore

Axis Mutual Fund on Thursday said it is targeting to collect up to Rs 1,500 crore from a new offering which will help domestic investors take bets in the global markets.

The fund house launched Axis Global Alpha Equity Fund of Fund' which will invest in Schroder International Selection Fund Global Equity Alpha.

It can be noted that Indian indices are experiencing a rally in a contracting economy, and there have been concerns about high valuation of Indian equities. Some asset managers have started dedicated offerings towards such a scheme already.

The fund house is targeting to get Rs 1,000-1,500 crore from up to 75,000 investors in the new fund offering, a senior official told reporters.

At present, nearly all of the Indian wealth is invested in the Indian markets, which account for only 3 per cent of the global market capitalisation, the company said, pointing to the opportunities which might be lost.

Schroder is the largest asset manager in Europe with over USD 500 billion under management and also owns 25 per cent in Axis AMC, as per a statement.

Schroder International Selection Fund Global Equity Alpha d invests in a compact, high conviction portfolio of geographically and sectorally diversified equity stocks with a strong focus on North America and technology sectors.

The fund is managed out of London and the money (in rupees) will be converted into dollars for investment, the official said, adding the expense ratio has been capped at 2.25 per cent as per Sebi regulations.

Axis, which already has two funds dedicated to giving domestic investors a slice of global equities, said that the new fund offer will open between September 4-18.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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