The Hindu : Business : Principal PNB launches new fund

Online edition of India's National Newspaper
Tuesday, Jan 03, 2006

Business

Business

Principal PNB launches new fund

Scheme to focus on infrastructure and service industries

NEW OFFER: Sanjay Sachdev (left), Managing Director and CEO, Principal PNB Asset Management, with Rajat Jain, Chief Investment Officer, at a press conference in Mumbai on Monday. — Photo: Shashi Ashiwal

MUMBAI: Principal PNB Asset Management on Monday announced the launch of its new mutual fund scheme, Principal Infrastructure and Services Industries Fund, in association with Vijaya Bank. "We expect the services industry to grow at 30-35 per cent in the next five years. By the year-end, we expect our asset base to touch Rs. 15,000 crore from the current Rs. 7,000 crore,'' Principal PNB Chief Investment Officer Rajat K. Jain said.

Investors will get `Growth' and `Dividend' options under this scheme, which has a minimum application amount of Rs. 5,000 available at Rs. 10 per unit during the new fund offer (NFO). After the NFO, the fund will carry an entry load at applicable NAVs, the company said. The scheme also has a Systematic Investment Plan with a minimum amount of Rs. 1,000.

"Exponential growth in our country, going forward, is going to be driven primarily by the infrastructure and services sectors. Our fund is well poised to capitalise on the strengths of these two sectors and provide an optimal mix to the investor in one fund,'' Principal PNB MD and CEO Sanjay Sachdev said. — PTI

Printer friendly page
Send this article to Friends by E-Mail

Business