By IANS,
New Delhi: Malaysia based Reliance Asset Management (RAMMy), part of the Reliance Anil Dhirubhai Ambani Group, Saturday said it has been appointed investment manager of the Reliance China-India Shariah growth fund.
The fund, which is in its launch period, is based in Mauritius and invests in Shariah-compliant equities in China and India.
In managing the Fund, RAMMy has appointed Reliance Wealth Management and Hong Kong-based China Asset Management (HK) as sub advisors, the company said in a statement.
Reliance Asset Management is a subsidiary of Reliance Capital Asset Management, India’s largest asset management company.
“This fund offers a unique opportunity to investors in Middle East. It brings together the largest asset management companies in China and India to provide Shariah-compliant investors access to two of the world’s most exciting growth markets,” said Ian Lancaster, chief executive of Reliance Asset Management Malaysia Bhd, Sdn.
“It is estimated that by 2050 China and India combined will account for 35 percent of Global GDP. Clearly there are going to be many attractive investment opportunities available to equity investors with a significant on-the-ground presence in these markets, such as Reliance and China Asset Management Company,” added Lancaster.
The Reliance China-India Shariah Growth Fund is the third of a series of innovative value added products that RAMMy manages in order to provide world-class investment options to Shariah-compliant investors.
In the last 12 months, RAMMy has been appointed investment manager of the WSF Reliance Global Shariah Growth Fund and the Reliance India Shariah Growth Fund.