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Calcutta, June 11: Mirae Asset Global Investment Management (India), the latest to enter the domestic mutual fund industry, plans to launch nine equity schemes in the current financial year.

“Of these nine funds, four will invest primarily in the stocks of domestic companies, another four will invest in equities of overseas companies and one will be a hybrid fund,” said Arindam Ghosh, chief executive officer of Mirae Asset Global Investment Management (India), a wholly owned subsidiary of Korea-based Mirae Asset Financial Group.

The foreign fund house manages assets worth Rs 2,160.37 crore with only one equity scheme, Mirae Asset India Opportunities Fund, in its product portfolio. The equity scheme has a total asset under management (AUM) of Rs 115.69 crore, while the remaining Rs 2,044.68 crore falls under liquid and money market schemes.

“Soon we’ll launch a natural resources fund that will invest at least 65 per cent of its corpus in equities of overseas companies,” said Ghosh.

However, it will not be a feeder fund, Ghosh added. A feeder fund invests in global funds instead of investing directly in equities.

“We’ll leverage the expertise and experience of our international affiliates for managing the overseas portfolio component of the scheme,” Ghosh added. Investors in the scheme will, however, not get the long-term capital gains tax benefits because it will invest 65 per cent of the corpus in overseas stocks.

Mirae Asset Korea has around ten India-dedicated funds with an AUM worth $350 million. The Korean asset management company is also planning to launch a India Sector Fund, an offshore fund which will be based in Luxemburg, UK. “In fact, we have approached the financial regulator in Luxemburg for approval to base our nine offshore funds,” said a senior official at Mirae Asset.