ICICI Prudential Asset Management, the Mumbai-based investment management firm, has launched a new fund that will allow Indians to invest directly in US companies.

The ICICI Prudential US Bluechip Equity Fund is the firm's first offering that links investors with US Bluechip firms and is open for subscription starting 18 June until 2 July 2012. It will cover companies listed on the New York Stock Exchange and NASDAQ Stock Exchange.

"Dividend yields of US equities are the same as treasury yields, making them extremely attractive. We are using that opportunity at this point in time," said Sankaran Naren, chief investment officer for equity, at press conference for the fund's launch. 

The fund's portfolio will consist of around 20 to 25 stocks and have an exposure limit of 25 per cent. The minimum application amount is Rs5,000 ($90) and investors may invest in lump sum or through staggered payments.

ICICI Prudential Asset Management is a joint venture between ICICI Bank and the UK's Prudential.