(Reuters) – The Indian unit of JPMorgan Asset Management and Religare Invesco Asset Management Co Pvt Ltd separately filed with India’s markets regulator on Tuesday to start Europe-focused funds, as fund houses look to tap into rising investor interest in overseas assets.
Both JPMorgan and joint venture Religare Invesco would launch their products as fund of funds schemes.
JPMorgan’s India fund will invest into units of JPMorgan Funds – Europe Dynamic Fund, which was managing about $332.7 million in assets as of end-September.
The Religare fund will primarily invest in the units of Invesco Pan European Equity Fund, which manages about $2.01 billion as per Lipper data.
According to data from the Association of Mutual Funds in India, funds investing abroad have grown their assets under management by more than 10 percent to 23.7 billion rupees this year, as investors look for higher returns abroad.
Last week, an executive at Franklin Templeton’s India unit told Reuters the asset manager was considering launching a Europe-focused fund.
The pan-European FTSEurofirst 300 index has gained 11.3 percent since the end of June due to improving economic growth, while India’s NSE index has gained 6.5 percent.
Funds in Lipper’s Europe Equity sector topped the table for global net inflows last month, marking a fifth straight month of net inflows.
Other major global indexes are gaining strongly as well. The S&P 500 closed at a record high on Monday and has gained more than 23 percent for the year.