ICICI Prudential Asset Management Company has entered into a collaboration with the US-based First Trust Advisors, which is into actively-managed exchange-traded funds, to launch a slew of global funds of funds.
Under the agreement, ICICI Prudential AMC will first launch a strategic metal & energy equity fund of funds, which will invest in an offshore fund managed by First Trust Advisors, the AMC said in a statement on Friday.
Eric Anderson of First Trust said this will facilitate and allow Indian investors to their portfolios. "We will be launching more such innovative fund strategies in India in the near future," Anderson said.
"ICICI Prudential AMC aims to bring many of First Trust's innovative active and exchange-listed offerings to domestic investors, as part of our plan to offer several portfolios focused on international and thematic investing," said Shamit Chokshi, head of international business at ICICI Prudential AMC.
The ICICI Prudential strategic metal & energy equity fund of funds will open for subscription on January 17 and will close on January 31.