PCA Securities Investment Trust Co (
The fund will be Taiwan's first to invest in India, where investment in shares reached a record last year. PCA will use Morgan Stanley Capital International Inc's benchmark stock index to determine the fund's investment allocations, the statement said.
PCA Securities, which manages US$3 billion in assets in Taiwan, said in a filing to the Securities and Futures Bureau on March 10 that it planned to invest as much as NT$5 billion in India. Securities and Futures Bureau is under the Cabinet-level Financial Supervisory Commission.
"India has an attractive, fast-growing economy," Tiffany Chang, who will manage the money, said in an interview in March. "The massive market is under-invested by Taiwan investors."
Overseas funds invested an all-time high US$9.2 billion in India last year, attracted by growth in Asia's fourth-biggest economy, which may grow 7.2 percent in the fiscal year ending March 31, next year, from 6.9 percent in the fiscal year ended March 31, the Confederation of Indian Industry said in a statement issued on Saturday.
India is estimated to have expanded 6.9 percent in the fiscal year ended March 31, India's central bank said on April 28. Growth may accelerate as more than a decade of policy changes to open the economy and ease restrictions on local and foreign companies has led to higher investments.
The benchmark Mumbai stock exchange Sensitive Index, or Sensex, rose 38 percent in the past 12 months, compared with a 6.7 percent gain in Taiwan's benchmark TAIEX.
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