THE first closed-end Bangladesh fund is being launched by Indosuez Asset Management. The fund, which has a minimum investment of US$100,000, is seeking to raise $25 million. It is listed in Dublin and every five shares has a warrant attaching. Ayaz Ebrahim, fund manager, said: ''Since 1991, the government has introduced a programme of liberalisation, introducing reforms more quickly than other countries in the sub-continent. ''A sequence of tax reforms, the elimination of unnecessary bureaucracy, establishment of free trade zones, a reduction of import tariffs and agricultural reforms have acted to improve the country's economy.'' At the end of 1993, there were 142 companies listed on the Dhaka Stock Exchange. Its total market capitalistion in February was $600 million. There are currently five traded debt instruments of which three are convertible debentures, and six listed mutual funds all managed by the Investment Corporation of Bangladesh. After stripping out the two largest companies, earnings growth of more than 30 per cent was expected over the next two years, Mr Ebrahim said. He added: ''Initial public offerings are still valued at par rather than at market prices and we expect significant market growth in the next three to five years.'' Ian McEvatt, managing director, said: ''Our early entry into the sub-continent's markets, through the Himalayan Fund, has allowed us to establish a network of relationships and an understanding of the markets which we expect will directly benefit investors in the Bangladesh Fund. ''Bangladesh has been one of the best kept investment secrets of the past two years with the stock market returning gains of 110 per cent.'' Indosuez's Bangladesh portion of its Himalayan Fund has appreciated 240 per cent over the past two years, he said.