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Tuesday, September 10, 2013

Baroda Pioneer Mutual Fund - Fund of Funds scheme for global equities

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BARODA Pioneer Mutual Fund is mulling to come up with a fund-of-funds scheme to provide investors an opportunity for diversification through exposure to global equities and also to fill up the product gap in its portfolio, a top company official has said.

 

"We are evaluating this space. As of now, we don't have any product in the fund of funds category.

This will also help investors to diversify their asset base," Baroda Pioneer Mutual Fund managing director Jaideep Bhattacharya said.

He also said the company could easily rope in one of its sponsors, Pioneer Investments for a fund of funds scheme.

Pioneer Investments is one of the oldest asset management companies in the US. It was acquired by the Italy-headquartered banking group UniCredit and has assets under management of ¤160 billion by the end of June.

Bhattacharya, however, said the company has not filed for any product in this category for approval with the regulator yet.

Fund of funds scheme has witnessed high interest among fund houses in the recent time on the back of depreciating rupee along with economic recovery in western economies, especially the US.

Also, weak domestic equity market on the back of falling growth has prompted fund houses to attract investors to invest in global equities as part of the diversification strategy.

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