Mirae to launch equity fund in India on Feb 11

Mirae Asset Mutual Fund, an arm of South Korean asset manager Mirae Investments, is launching a diversified equity fund on Monday to mark its foray into the Indian market.

Subscriptions to the Mirae Asset India Opportunities Fund's new fund offer will close on March 10, the fund house said on Thursday.

The open-ended diversified equity scheme will invest at least 65 per cent of its corpus in Indian shares and the rest in fixed income securities.

The scheme is likely to have a portfolio of 40 shares, Chief Executive Officer Arindam Ghosh said. The fund house is bullish on the prospects of banking and financial services companies and also finds investments in power, capital goods and infrastructure sectors exciting, Ghosh said.

"We will look at these sectors initially, but we would not have any sector bias. It is going to be a dynamic scheme," Ghosh said.

The fund house expects 15-20 per cent annualised return from Indian equities, he said.