Axis Mutual Fund has launched a global fund, ‘Axis Global Alpha Equity Fund of Fund’ that will invest in Schroder International Selection Fund Global Equity Alpha.

A senior official told that the company is targeting to collect Rs 1,000-1,500 crore from up to 75,000 investors in the global fund offering. The global mutual fund will help the domestic investors to invest into global, as Indian wealth is invested into the Indian markets which only accounts for 3 per cent of the global market capitalization, the company said on pointing out the opportunities which might be missing.

Schroder International Selection Fund Global Equity Alpha is the largest asset manager in Europe with over $ 500 billion under management and owns 25 per cent in Axis AMC, as per the statement. Schroder invests in a compact, high conviction portfolio of geographically and sectorally diversified equity stocks focusing on North America and technology sectors.

As the funds will be managed out of London, the money (in rupees) will be converted into dollars for investment, said an official. As per the market regulator Sebi the expense ratio has been capped at 2.25 per cent, he added. Axis has already two funds dedicated for domestic investors to give a slice of global equities and said that the new fund offer would open between 4-18 September 2020.