Morgan Stanley launches second domestic fund in India
Morgan Stanley mutual fund on Thursday launched its second domestic fund in the country - Morgan Stanley Across capitalisations Equity (ACE) Fund.
By PTI |
MUMBAI: Morgan Stanley mutual fund on Thursday launched its second domestic fund in the country - Morgan Stanley Across capitalisations Equity (ACE) Fund.
The open-ended scheme aims to generate long-term capital growth, by investing in an actively managed portfolio of equity and equity-related securities and equity derivatives, Morgan Stanley India Country head and CEO Narayan Ramachandran told reporters here.
"Given the unprecedented growth in the economy, there is a lot of scope for mutual funds in this market. There is now significant retail interest in mutual funds and Morgan Stanley hopes to become one of the preferred mutual fund choices for investors over time," Narayan said.
This would be the domestic second fund of the USD 600-billion investment management group in India after the Morgan Stanley Growth Fund (MSGF), which was launched in 1994.
The company plans to re-open MSGF, whose maturity period got expired in February, 2009, Narayan said.
"We have already sought the regulatory approval for re-opening the fund and the approval is expected to come in the next three months," he said.
With a view to enhance its share in the Indian fund space the company is also set to launch two liquidity funds in the first half of this year, Narayanan said, adding, "the company has already received approval for one of these two".
ACE fund offer priced at Rs 10 per unit, will open for purchase from February 11 to March 10.
The open-ended scheme aims to generate long-term capital growth, by investing in an actively managed portfolio of equity and equity-related securities and equity derivatives, Morgan Stanley India Country head and CEO Narayan Ramachandran told reporters here.
"Given the unprecedented growth in the economy, there is a lot of scope for mutual funds in this market. There is now significant retail interest in mutual funds and Morgan Stanley hopes to become one of the preferred mutual fund choices for investors over time," Narayan said.
This would be the domestic second fund of the USD 600-billion investment management group in India after the Morgan Stanley Growth Fund (MSGF), which was launched in 1994.
The company plans to re-open MSGF, whose maturity period got expired in February, 2009, Narayan said.
"We have already sought the regulatory approval for re-opening the fund and the approval is expected to come in the next three months," he said.
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With a view to enhance its share in the Indian fund space the company is also set to launch two liquidity funds in the first half of this year, Narayanan said, adding, "the company has already received approval for one of these two".
ACE fund offer priced at Rs 10 per unit, will open for purchase from February 11 to March 10.
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