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AIG Global Investment Group (AIGGIG) announced in Chennai the launch of its maiden scheme - AIG India Equity Fund. The new fund offer, priced at Rs l0 per unit (plus applicable entry load), will be open for purchase from May 3, 2007, to May 31, 2007. The fund will re-open for ongoing purchases/redemptions no later than June 29, 2007.
AIG India Equity Fund is an open-ended diversified equity fund with no biases. The fund has the flexibility to invest across companies without having any bias towards a particular sector, investing style or market capitalisation range. The fund will be managed by Tushar Pradhan, chief investment officer - Equities.
AIGGIG believes that no single sector, market capitalisation orientation or style has outperformed consistently over the long term. The key to consistent long-term performance is to have the flexibility to pick stocks without having any restraints on style, theme or market capitalisationtion, said Sunil Mehta, country head and chief executive, India, American International Group, Inc.
"We are pleased to announce our entry into the Indian mutual fund space. Our vision is to create a world-class asset manager in India that combines AIG Global Investment Group's global expertise with our local experience gained over the years and the track record of our experienced and professional management team. The launch of this fund further reaffirms AIG's commitment and participation in the fast growing Indian economy."
Ravi Mehrotra, managing director and head of Asia Asset Management Companies for AIGGIG, said, "AIG India Equity Fund is the first amongst a range of investment solutions that we plan to offer. Our corporate philosophy is to align with the interests of our investors by taking a meaningful stake in the asset class. We, thereby, share common goals, parallel motivations and comparable attitudes towards portfolio and risk management. Given the pedigree of AIG Global Investment Group, the investing philosophy and the depth of experience, we are confident that our funds will form an integral part of any investor's product portfolio."
Speaking at the launch, Saurabh Sonthalia, chief executive officer, AIG Global Asset Management Company (India) Pvt Ltd, said, "We wish to combine AIG's experience and insight of 86 years in investments to bring focused and relevant products to the Indian investor. AIG Global Investment Group Mutual Fund is aiming to become a significant player in the Indian asset management industry in the years to come."
The Indian equity fund management team of AIG Global Investment Group is linked to the global fund management team through an intranet-based knowledge system called EPIC (Equity Platform for Investment Communication). EPIC serves as the backbone for equity research, stock categorisation, stock ranking, idea generation and communication.
This system allows equity teams around the globe to function as a cohesive unit and "speak the same language".
Key facts about the new fund offer
Issue opened: May 3, 2007
Issue closes: May 31, 2007
Minimum investment amount: Rs 5,000.
R Rangaraj
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