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Merrill Lynch targets $500 Mn from new fund
By siliconindia
Bangalore: DSP Merrill Lynch Mutual Fund expects to garner around Rs 2,000 crore ($500 million) as the firm would soon be launching its new fund offer (NFO), Natural Resources & New Energy Fund.
"The natural resources sector is seeing large amounts of capital being allocated with rising energy demand emanating in markets like the BRIC nations," said S Naganath, President & Chief Investment Officer (CIO) of the fund.
DSP Merrill Lynch MF had launched the World Gold Fund last year and this had benefited from the bullish market.
"The Indian IT space is influenced by what happens to the U.S. market and the movement of the rupee against the dollar. A clearer picture would emerge during the second half," Naganath said.
According to him the financial services sector, especially banks, was crucial as India needed funds for its growth. He did not disclose their year-end target for the Sensex, but said they expected the current bullish undertone in the stock market to continue over the next month or two.
The Natural Resources & New Energy Fund will invest a minimum of 65 percent of the scheme's corpus in Indian companies, which form a part of these sectors and up to 35 percent of its funds in Merrill Lynch International Investment funds, which include New Energy Fund and World Energy Fund.