Click here for printer friendly page
Kuwaiti investment bank Global Investment House launches India hedge fund28/08/2008. Source: AltAssets. 
 Kuwaiti investment bank Global Investment House has launched The Mayur Hedge Fund, the firm's first direct India-focused product, a long/short absolute return growth-oriented fund with a net long bias.
The fund employs a bottom-up and fundamental approach, according to the firm, and will target a return of 15 to 20 per cent.
It will invest in small to medium capitalisation equities, but has the latitude to invest in large capitalisation stocks also, the firm said. The fund will have a short position (net long exposure of a minimum of 25 per cent to a maximum of 75 per cent) as a means of protecting against overvaluations.
The fund aims to build and maintain a diversified portfolio of exposures, and is capable of offering strong downside protection and upside gains by shorting equities and index strategies.
Joseph Joseph, head of hedge funds, Global, said, 'India is an open economy and there is substantial potential for growth bolstered by foreign exchange inflows. However the economy is not dependent on foreign money as it is underpinned by domestic institutional money such as domestic life insurance companies which are amongst the biggest investors at present.'
The fund will be advised by Global Investment House India, a wholly owned subsidiary of Global, which is based in Mumbai and headed by Dileep Madgavkar, formerly CIO of ICICI Prudential Asset Management.
To date, Global has committed approximately $100m to the Indian markets.
Copyright © 2008 AltAssets
|
