Kolkata: New-generation fund houses AIG and JP Morgan have lined up plans to unveil a clutch of equity funds. While AIG has sent three offer documents to the regulator, JP Morgan has filed one. The former has come up with the following: AIG Long Term Tax Advantage Fund, AIG Infrastructure and Economic Reform Fund and AIG Midcap Fund. The JP Morgan product has been named India Smaller Companies Fund. Its allocation to money market instruments can go up to 20 per cent. The AIG Infrastructure and Economic Reform Fund, as the name suggests, will try to maintain a diversified portfolio comprising equities of companies involved in the country's economic development as a result of potential investments in infrastructure and unfolding economic reforms.
AIG's proposed mid-cap fund will seek to have at least 75 per cent of its assets infused in equities and equity-related securities. JP Morgan India Smaller Companies Fund, which will also have the CNX Midcap index as its benchmark, will aim at generating long-term capital appreciation from a portfolio that is substantially constituted by equity and equity-related securities focused on smaller companies. Each has started with a diversified equity fund.
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