Reliance Mutual modifies funds to invest overseas

Reliance Mutual modifies funds to invest overseas
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First Published: Fri, Jun 08 2007. 01 47 PM IST
Updated: Fri, Jun 08 2007. 01 47 PM IST
Reuters
Mumbai: Reliance Capital Asset Management Ltd. has modified offer documents for four funds to include investing in foreign securities.
Indian asset managers are permitted to invest up to 10% of their assets as on 31 March in foreign securities, subject to a maximum of $200 million.
Reliance Growth, Reliance Vision, Reliance Banking and Reliance Regular Savings funds could invest up to half their assets in foreign securities, the fund house said.
On 7 June, it sought regulator’s nod to launch an equity fund that could invest 90% of the assets in foreign securities.
India currently has three funds — Fidelity International Opportunities, Templeton India Equity Income and Principal Global Opportunities — that invest abroad and many of the country’s 32 asset managers are planning to offer such funds.
Reliance mutual fund managed assets worth about Rs591 billion at the end of May, data from Association of Mutual Funds in India showed.
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First Published: Fri, Jun 08 2007. 01 47 PM IST
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