The First Persian Equities Fund invests in TSE

Mehr, a subsidiary of the Bank Melli Iran, is establishing a $402.3m fund to enable foreigners to invest in the Tehran Stock Exchange (TSE), reported the UK's Financial Times. The First Persian Equities Fund already has commitments totalling $134.1m and Mehr's MD Stephen Austen described the Iranian bourse as 'highly undervalued'. The launch of the fund comes as more stringent economic sanctions are aimed at Iran due to its nuclear policy.