The Hindu : Andhra Pradesh News : Two more mutual fund products planned

Online edition of India's National Newspaper
Thursday, Aug 19, 2004

Andhra Pradesh

Andhra Pradesh

Two more mutual fund products planned

By Our Special Correspondent

HYDERABAD, AUG. 18. The LIC Mutual Fund is planning to launch two new products shortly -- ` Floater MIP' in the first week of September and `Dynamic Equity Fund', a month later -- to help investors realise the best possible returns.

Disclosing this to reporters here on Wednesday after the inauguration of the Hyderabad Area Office, the chief executive LIC Mutual Fund, M.V. Suryanarayana, said that a target of Rs. 500 crores each would be set for the products. It was also planning to launch a fixed maturity plan depending on the appetite of the market in November-December.

Target

He said the Fund currently has 13 open-ended funds, covering a range of asset classes from money market to pure equity and managing assets worth more than Rs. 4,000 crores. The target for assets under management for the current financial year had been fixed at Rs. 6,500 crores, including Rs.1,000 crores, from the proposed products and the rest from open-ended funds.

He said that people should invest at regular intervals in the equity schemes to realise better long-term returns, instead of a one-time investment.

Investors, who desire long-term safe returns, should choose a debt fund or an MIP with a small equity exposure.

Six more offices

The Fund has 14 offices and more than 150 chief agents representing the interest of investors. Six more offices would be opened this year and another eight next year.

Mr. Suryanarayana said that M/s Karvy Mutual Fund Services had been appointed registrar for various schemes.

Mr. Udaya Shankar, Joint General Manager (marketing), said it would be possible to promote the mutual fund products more aggressively in the State with the opening of the Hyderabad area office.

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