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Eastspring Investments launches India Discovery Fund

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Eastspring Investments, the USD140 billion Asian investment management arm of Prudential, has launch the Eastspring Investments – India Discovery Fund, which is advised by its Mumbai-headquartered affiliate firm ICICI Prudential.

The fund is a sub-fund of Eastspring Investments, a Luxembourg-based umbrella UCITS vehicle.
 
It comes as a result of growing interest in the Indian investment story. In recent years, India has been among one of the fastest growing economies in the world, and has benefitted from a credible reform programme, favourable demographics, along with supportive global tailwinds and valuations – making it an attractive pick for investors globally.
 
The fund’s strategy mirrors the existing ICICI Prudential Value Discovery strategy, which offers investors a contrarian value based approach, leveraging ICICI’s research capabilities. The fund invests in undervalued, out-of-favour companies with high potential.
 
The new fund’s management team is headed by Anand Gupta, portfolio manager at Eastspring Investments, who has been at the company since January 2010.
 
Gupta says: “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, says: “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. I am confident that our capability will be assessed wherever there is interest in the Indian equity markets.”

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