JP Morgan Asset Management India has launched an open-ended fund of funds; the JF ASEAN Equity Offshore Fund.

The scheme aims at providing long-term capital growth by investing mainly in JPMorgan Funds - JF ASEAN Equity Fund, which works with companies of countries that are members of the ASEAN (Association of South East Asian Nations). 

It is managed by Namdev Chougule, fund manager at JP Morgan Asset Management.The fund opened for subscription in 10 June and shall close on 24 June, with a schedule to re-open on 5 July, the company said in a statement. 

A unit costs Rs10 ($0.22) and the minimum application amount is fixed at Rs5,000, thereafter charged in multiples of Rs1. Eighty to 100 per cent of assets will be allocated in units or shares of JPMorgan Funds - JF ASEAN Equity and up to 20 per cent in money market instruments and/or units of liquid schemes.