Eastspring Investments, the Asian investment management arm of Prudential, has launched a new India Discovery fund.
The fund, which a sub-fund of Eastspring’s Luxembourg-domiciled UCITS SICAV, will be advised by its Mumbai-headquartered branch Icici.
Its strategy reflects that of the existing Icici Prudential Value Discovery fund, offering investors a contrarian value based approach, the company said in a statement announcing the launch. The fund invests in undervalued Indian companies with high potential.
The management team of the Eastspring Investments India Discovery fund is headed by Anand Gupta, portfolio manager at Eastspring Investments.
Commenting on the launch, Gupta, who has been with Eastspring since 2101, said : “India’s growth is expected to outpace the rest of the world’s major economies over the next few years. This will likely be supported by improved macroeconomic fundamentals, lower interest rates and longer-term reforms – there is thus an immense scope for successful investment there.
“Our team, which benefits from a compelling mix of expertise and a strong Indian footprint, is uniquely placed to help investors take full advantage of the Indian equity opportunity in this promising context.”
Gordon Hogarth, head of distribution for Europe and Middle East at Eastspring, added: “We are looking forward to taking a strategy to market that mirrors the proven methodology of one of India’s long term best performing funds.”
Eastspring had US$140bn (€127.2bn) of AUM, according to company statistics, as at 30 June 2016.