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BBK fund targets Indian market

Manama, September 4, 2007

Bank of Bahrain and Kuwait (BBK) has launched a new fund which would allow investors access to the Indian equity markets.

The BBK-Rainbow Fund, a dollar denominated medium-term open ended multiple class structure was launched on September 1.

BBK said the fund will create a well-diversified portfolio 30 to 40 Indian stocks and will have a mixture of large-caps and mid-caps with a dynamic allocation depending on market conditions and focus on growth orientated stocks.

"We have taken into consideration the major macro-economic indicators and projections into the next few years as well as the current market conditions to design this new and unique fund which will offer our investors maximum exposure to the upside of the market while minimising the effect of the downside cycle," said BBK head of investment advisory Ghassan Al Sammak.

"BBK-Rainbow fund, denominated in US dollars, offers its investors a highly liquid, proven and relatively cost efficient way to access the Indian equity market without compromising on performance," Al Sammak added.

The minimum subscription to the fund, created in conjunction with Indian bank UTI International, is $10,000 and the initial offerto the fund closes on September 20.

"BBK believes this is an opportune timeto invest in the Indian economy where conditions are favourable and market prospects look very promising, said BBK Non Resident Indian (NRI) services head M K Antony.

"The stocks in the target market have performed and all the economic indicators are giving us more confidence," he said. -TradeArabia News Service




Tags: BBK | Bank of Bahrain and Kuwait | Indian |

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