Indian asset management giant launches first UK fund

India-Emerging-Asia-Taj-Mahal-700.jpgReliance Capital Asset Management has launched its first UK Ucits fund.

The India Equities Portfolio fund will be Luxembourg-domiciled fund, and will be run by Sunil Singhania, CIO at Reliance.

The new fund, which is aimed at the discretionary management market, will draw on the investment philosophy behind the Reliance Growth Fund, which has been running for 20 years. The fund will target around 40-50 stocks, across all market caps.

It has launched with $50m in assets, with the minimum investment being $10,000 (£6,895). Reliance has $ 2.2bn in assets under management.

“India is the fastest-growing major economy in the world, projected to become the world’s third biggest economy after the US and China – a structural and diverse long-term growth story with many indisputable drivers,” says Spike Hughes, chief executive at fund distributor Cohesion, which has launched the fund alongside Reliance.

“In my opinion, investing in India via ETFs or via GEM funds gives you access only to the largest companies listed on the Indian market, and not the stocks which could provide ‘multi bagger’ returns over the next market cycle, which we see as a growth cycle,” adds Hughes.

The fund has an annual charge of 1.25 per cent, with no performance fee. No OCF was given.