Financial Daily from THE HINDU group of publications
Thursday, Jun 12, 2003
Financial Daily from THE HINDU group of publications Thursday, Jun 12, 2003 |
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Markets
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Mutual Funds New medium-term plan from StanChart MF Our Bureau
Mr Naval Bir Kumar (left), Managing Director, Standard Chartered Mutual Fund (SCMF), with Mr Rajiv Anand, Head Investments, at a press conference to launch `Medium Term Plan' in Mumbai on Wednesday.
MUMBAI, June 11 STANDARD Chartered Mutual Fund on Wednesday launched a medium-term plan under its Grindlays Super Saver Income Fund. The fund is targeting the retail investor and expects increased participation with this plan. The initial public offer will be open from June 16 to June 27. Speaking to newspersons in Mumbai, Mr Naval Bir Kumar, Managing Director, Standard Chartered Asset Management Company Pvt Ltd said, "The fund is aimed at retail investors thereby diverting the traditional banking instruments such as fixed deposits to mutual funds.'' The medium-term plan will have a 6-12 month investment term. The fund will invest its corpus that is expected to fetch about Rs 140 crore in the IPO, in government securities, corporate debentures and highly liquid money market instruments, Mr Kumar said. The mutual fund is expected to increase presence to 18-19 cities from the current 12 by the year-end. The number of distributors is also set to rise to 2,000 from the present figure of 1,500, Mr Kumar added.
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