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JP Morgan goes green with NFO
By siliconindia
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Saturday, 03 January 2009, 01:19 IST
Chennai: JP Morgan Asset Management has launched an NFO- a three-year, close-ended equity linked saving scheme, with a difference. In its first 'green NFO', the company attempts to minimize the use of paper by encouraging potential investors to download applicable literature from the website and print portions of the document as per the requirements, thereby ensuring minimal wastage of paper, reported the Business Line.
"So this is a low paper NFO, and we are surprised at the positive response from the distributor community," said Krishnamurthy Vijayan, Executive Chairman, JP Morgan India Asset Management. According to the statistics worked out by his marketing colleague, forms and other paperwork related to an average NFO fells 9,200 trees. "If we can as an industry, reduce this waste, we could use the money saved for advertising, investor education, seminars etc," added Vijayan.
However, very few existing investors have opted for e-statements. To cut down on paper consumption, in sending the mandatory statements to investors, he cites the examples of China, Taiwan and Japan in this regard, where investors are given an incentive for going online. On asking whether this would prove to be a disadvantage to rural investors, he replied, "Frankly, how many people beyond the big cities, have heard of JP Morgan? For me to make a start at the top market itself is a big thing."
On JP Morgan planning to go the 'green' way for future NFOs, Vijayan says, "Depending on the response we hope to follow suit in the next four international schemes in the pipeline."