New Star has announced it is to launch an Indian equity fund in association with Tata Asset Management, a division of the Indian conglomerate that recently bought car manufacturer Jaguar.
The fund is expected to launch within the next three months. It will be managed by Mumbai-based Tata, which has some $6bn of assets under management, and distributed in the UK by New Star.
New Star says the launch of an Indian fund is the natural next step from its Heart of Africa fund in accessing what it calls a “new economic world order”.
Commenting on the link-up, Farrokh K Kavarana, chairman of Tata Asset Management, said: “Earlier this year we made the strategic decision to make our fund management available to UK retail investors and we are very pleased to be doing so in partnership with New Star. It is our view that the combination of the skills and experience of both groups offers UK retail investors an excellent way to access Indian stockmarkets and India’s growth potential.”
Meanwhile, Dalton Strategic Partnership has made its Indian equity fund more widely available by reorganising it as a Sicav subfund under the Melchior Selected Trust umbrella. The investment strategy and management of the Melchior Indian Opportunities trust will be unaffected, but changing the fund from a Mauritius open-ended investment company to a Sicav will mean it takes on a Ucits structure. It will continue to enjoy the benefits of a double taxation treaty between India and Mauritius.
Magnus Spence, a partner at Dalton Strategic Partnership, commented: “We are delighted to be able to make this fund available to a wider investor audience as a result of this reorganisation. UR Bhat is an outstanding manager and his returns in 2007 demonstrate this.”
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