JP Morgan Makes Mutual Fund Entry

Mumbai: Global money manager JP Morgan has unveiled its first domestic mutual fund scheme JP Morgan India Equity Fund. The open-ended scheme would infuse in equities and equity-related securities, including derivatives, to generate income and long-term capital growth. The amount was invested in a select group of about 54 domestic stocks through five India-dedicated funds. The unveil of the new scheme marks the fund house's foray into the mutual fund business in the country. The fund house has a portfolio of large-cap stocks for its India-focussed funds. It would be following similar portfolio for the India Equity Fund, but could also look for potential mid-cap stocks.