Reliance-partnered India Fund in Canada next month

June 24th, 2009 - 2:39 pm ICT by IANS  

By Gurmukh Singh
Toronto, June 24 (IANS) Toronto-based Lawrence Asset Management Inc. is re-launching the Lawrence India Fund in Canada next month in partnership with Reliance Asset Management.

An open-ended mutual fund, it was earlier launched in January 2008 but stopped operations later because of the economic meltdown.

“The India Fund will provide retail investors direct investment access to one of the world’s fastest growing economies through the knowledge and investment expertise of Reliance Asset Management’s team based in Singapore,” said Ravi Sood, president of Lawrence Asset Management Inc., here Tuesday.

He said the India Fund is a long and short-term equity fund that invests directly into the Indian equity market, providing Canadian investors with access to top-notch Indian companies, including Jindal Steel & Power, Hindustan Petroleum Corporation, Reliance Industries Limited, Piramal Healthcare, Tata Motors and Punjab National Bank Limited.

Sood said their partner Reliance Asset Management in Singapore is a wholly owned subsidiary of Reliance Capital Asset Management Limited, the largest mutual fund company in India. He said there are numerous emerging market funds available, but there are limited options for Canadians who prefer a focused investment approach to the Indian economy.

“The Indian equity market suffered serious declines in the global meltdown of 2008, but given India’s current economic trajectory, and favourable political climate it is projected to be at the forefront of the global economic recovery,” he said.

“While most of the developed economies struggle with significant slowdowns and even recession, India’s economy is projected to grow at a robust rate of six percent in 2009,” he added.

“With equity valuations still significantly below levels we saw in 2007, we think now is the ideal time for Canadian investors with a long-term investment horizon to take advantage of this unprecedented buying opportunity and allocate a portion of their investment portfolio to the Indian equity markets”, said Sood.

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