Recently, a subsidiary of Reliance Capital Asset Management has announced to launch two Islamic funds in Malaysia by July. It will roll out products for retail investors in two years.
About the Reliance Capital Islamic Funds, economictimes.indiatimes.com writes, “Reliance, India's largest asset management company, will launch a fund investing in Indian stocks next week and a quantitative global equity fund investing in the US, Europe and Asia in July. Both funds would be managed out of Malaysia.”
Vikrant Gugnani who is the Reliance Capital's international businesses CEO said to ET, “The long-term objective is to target the retail sharia market in the region. We believe the retail story in Malaysia has yet to unfold and we want to be positioned well before to take advantage of (it).”
Reliance Capital Asset Management is the part of financial services firm Reliance Capital. It manages more than $33 billion of Reliance Capital.
About the new funds of Reliance Capital, online.wsj.com writes, “The Malaysian unit of Reliance Capital Asset Management, India's largest asset management firm, plans to launch its two maiden Shariah-compliant funds as it seeks to tap into Malaysia's importance as a Shariah-compliant financial hub and the growing demand for Islamic funds from the region.”
The news portal quotes a statement of Vikrant Gugnani who is the Reliance Capital's international business chief executive, “We are targeting institutional investors for these funds but eventually we will broaden our reach to include the retail market. Our Malaysian company will be the flagship venture in the Islamic asset management business and a global hub for Shariah-complaint products. The total net asset value of Islamic funds in Malaysia currently exceeds MYR22 billion.”
According to the Ian Lancaster who is the Reliance Asset Management Malaysia's chief executive, “The Global Equity fund is a 24-country developed market fund that will invest across 2,500 stocks.”
Islamic Funds in Malaysia by Reliance Capital has gotten the biggest buzz after ICICI Prudential Nifty Junior Index Fund. Now, Reliance is the global leader in market funds.
About the Reliance Capital Islamic Funds, economictimes.indiatimes.com writes, “Reliance, India's largest asset management company, will launch a fund investing in Indian stocks next week and a quantitative global equity fund investing in the US, Europe and Asia in July. Both funds would be managed out of Malaysia.”
Vikrant Gugnani who is the Reliance Capital's international businesses CEO said to ET, “The long-term objective is to target the retail sharia market in the region. We believe the retail story in Malaysia has yet to unfold and we want to be positioned well before to take advantage of (it).”
Reliance Capital Asset Management is the part of financial services firm Reliance Capital. It manages more than $33 billion of Reliance Capital.
About the new funds of Reliance Capital, online.wsj.com writes, “The Malaysian unit of Reliance Capital Asset Management, India's largest asset management firm, plans to launch its two maiden Shariah-compliant funds as it seeks to tap into Malaysia's importance as a Shariah-compliant financial hub and the growing demand for Islamic funds from the region.”
The news portal quotes a statement of Vikrant Gugnani who is the Reliance Capital's international business chief executive, “We are targeting institutional investors for these funds but eventually we will broaden our reach to include the retail market. Our Malaysian company will be the flagship venture in the Islamic asset management business and a global hub for Shariah-complaint products. The total net asset value of Islamic funds in Malaysia currently exceeds MYR22 billion.”
According to the Ian Lancaster who is the Reliance Asset Management Malaysia's chief executive, “The Global Equity fund is a 24-country developed market fund that will invest across 2,500 stocks.”
Islamic Funds in Malaysia by Reliance Capital has gotten the biggest buzz after ICICI Prudential Nifty Junior Index Fund. Now, Reliance is the global leader in market funds.
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