JP Morgan's India fund in Japan is a hit
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JP Morgan's India fund in Japan is a hit

By agencies   |   Thursday, 26 January 2006, 08:00 Hrs
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KOLKOTA: JP Morgan Fleming Asset Management (Japan) has got enthusiastic response for its first India-dedicated equity fund in the Land of the Rising Sun in its first month of existence.

A company spokesman said the recently launched fund, titled `Jardine Fleming India Equity Active Open', has raised funds worth 15 billion yen as on January 18, since its inception.

The fund has already begun to invest in Indian equities through JF Asset Management Ltd, based in Hong Kong. The inflow to India began immediately after the fund's inception on December 19, 2005, the sources said. The open-ended fund is following a strategy of investing only in the free-float MSCI India Index stocks.

This new India-specific equity fund is one among several funds launched since the middle of 2005 in Japan.

It is estimated that around $4 billion has been raised in Japan for Indian equity investments in the last six months by various global financial firms, including Nomura and Morgan Stanley. Sources in the international financial major said that the appetite for Indian stocks was still strong and growing in Japan, both in retail and institutional segments despite words of caution from certain quarters.

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