Nippon India Taiwan Equity Fund NFO garners Rs 617 crores

Nippon India Taiwan Equity Fund has collected Rs 617 crore from 65,500 applications in its NFO period, the fund house said. The fund managed to collect the money from 50,720 Retail applications amounting to Rs 181 crore and 6,044 HNI applications amounting to Rs 408 crore.

The new fund offer (NFO) closed for subscription on December 6. The fund has become the highest grossing NFO among international funds outside the USA.

This fund will be advised by Cathay SITE, the largest asset manager in Taiwan with $42.8 billion in asset under management. The benchmark index of the Nippon India Taiwan Equity Fund is Taiwan Capitalization Weighted Stock Index (TAIEX) and will be managed by Kinjal Desai.

“We are happy with the response we have received for the Taiwan Equity Fund offered by us along with Cathay SITE which is the largest Asset Manager in Taiwan. As a company, we endure our philosophy of offering unique product propositions to Indian investors to offer new countries and geographies to investors in India which will give them access to international markets. After Hang Seng BeES, Japan Equity and now Taiwan we continue to add value to investors product portfolio by leveraging Nippon Life Insurance global network and working closely with the best asset managers in the world,” says Sundeep Sikka, ED and CEO, Nippon India Mutual Fund.

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