IDBI to Launch Mutual Fund's Dynamic Bond Scheme

Tuesday, January 31, 2012
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Mumbai: Asset management firm IDBI Mutual Fund's New Fund Offer (NFO), IDBI Dynamic Bond Fund, which offers income generation while maintaining liquidity on a minimum investment of Rs.5,000, will open from January 31. The scheme will invest in portfolio comprising debt instruments like government securities, PSUs and corporate bonds and money market instruments. "Debt is the flavour of the market. People consider debt to be the best option compared to equities, which is still considered uncertain," Debasish Mallick, IDBI Asset Management Managing Director and Chief Executive said here. However, asset allocation in debt and money market instruments is not predetermined and could vary according to market conditions, he added. The open-ended debt scheme will close on February 14 and has an exit load of 1 percent if redeemed within a year. The company aims to collect a corpus of at least Rs.107 crore from the issue. "We want to collect a sizable corpus and allow it to grow with time," B. Sarath Sarma, Executive Director said. IDBI Mutual Fund, a part of IDBI Bank, commenced operations in March, 2010. Its assets base stood at Rs.6,102 crore at the end of the December quarter.
Source: PTI
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