OCBC launches Asian emerging markets fund<\/p>\n
SINGAPORE (Reuter): OCBC Asset Management Ltd, a unit of
\nOversea-Chinese Banking Corp, launched yesterday its Asia
\nEmerging Markets Index Fund (AEMIF).<\/p>\n
The fund is a joint venture with U.S. investment group
\nAlliance Capital Management and the International Finance
\nCorporation (IFC), part of the world bank group.<\/p>\n
Elizabeth Sam, chairman of OCBC Asset Management and deputy
\npresident of OCBC Bank, told a news conference the fund aimed to
\nraise between US$50 million and US$100 million, principally from
\ninstitutions, by the end of 1996.<\/p>\n
Sam did not give a final deadline for subscriptions.<\/p>\n
The AEMIF is an umbrella structure of 11 individual funds,
\ncomprising an index portfolio which invests in 10 emerging Asian
\nmarket indices in China, India, Indonesia, Korea, Malaysia,
\nPakistan, Philippines, Sri Lanka, Taiwan and Thailand.<\/p>\n
The minimum initial subscription to each fund is US$300,000.
\nSubsequent investments must be made in multiples of US$50,000.
\nInitial commitments of US$5 million each had been made by IFC and
\nOCBC Asset Management, Sam said.<\/p>\n
The Dublin-listed fund is the third in a series of emerging
\nmarkets indexes sponsored by the IFC.<\/p>",
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"sponsor": "Okusi Associates",
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