ICICI Prudential AMC launched its first equity fund scheme on June 19, 2012 that will directly invest in blue-chip companies in the US named 'ICICI Prudential US Bluechip Equity Fund.'The new fund has an investment strategy of investing in top 20–25 ideas among the blue chips listed on the New York Stock Exchange and Nasdaq.
The new fund offer will stay open for subscription till July 2, 2012 in which retail investors can invest through systemic investment plan (SIP) with a minimum application amount of Rs 5,000.
As per the fund house, the current US market reflects political stability, strong corporate governance, sound financial accounting and fewer challenges in comparison to other markets which will help in diversifying the portfolio of investors through this investment.
The company has also entered into a three-year exclusive arrangement with research house Morning Star, which will provide it with research inputs regarding the US market.
ICICI Prudential, which is a joint venture between ICICI Bank and the England-based Prudential, is one of the largest fund houses with an investor base of around 2 million.
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