TOKYO -- Japanese asset management firms are using the new Nikkei Asia300 Investable Index to develop financial products, making fast-growing Asian companies more accessible to retail investors.
While the Nikkei Asia300 Index is meant to provide an overall picture of stock prices for leading Asian enterprises, the Nikkei Asia300 Investable is designed specifically for use with financial products. The index, launched Dec. 11, tracks major companies from 10 Asian countries and regions -- including China, South Korea and India -- selected based on such factors as market capitalization and liquidity.
Mitsubishi UFJ Kokusai Asset Management will launch an investment trust as early as the beginning of next year using the Nikkei Asia300 Investable as a benchmark. This will be relatively heavily weighted toward Indian companies. Sumitomo Mitsui Asset Management will roll out Jan. 5 a fund that tracks the index.
Daiwa Asset Management plans to add a fund based on the Nikkei Asia300 Investable to its iFree series of low-cost mutual funds. Asset Management One and Sumitomo Mitsui Trust Asset Management are considering developing funds linked to the index as well.
The Asia300 Investable Index gained nearly 0.3% on Wednesday in yen terms to close at 1,281.71.