Mirae launches BRIC and EM Sicavs

Mirae Asset Management intends to launch two new Sicav funds into the European retail market.

The funds will mirror the existing BRICs Equity and Emerging Equity feeder trusts which are currently domiciled and only available in Korea.

The new vehicles follow Mirae's entrance into the European market in June last year when the company launched five emerging market funds focused on the Asia Pacific region.

As with the previous five funds it is understood the new vehicles will be managed by the existing managers based in the relevant regions.

The current Emerging Equity fund was launched in March 2008 and is benchmarked to the MSCI Emerging Markets Index.

The US$0.47m fund seeks long term capital appreciation by investing mainly in the equities of emerging markets and has returned -29.50% since launch.

The US$0.28m BRICS Equity fund is benchmarked to the MSCI BRICS Index and seeks to provide investors with long term capital appreciation by investing mainly in the equities of sector leading companies of Brazil, Russia, India and China.

The fund has returned -57.84 since launch in November 2007.

It is understood the new vehicles will be domiciled in Luxembourg, a launch date has yet to be confirmed.