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Saturday, Jan 26, 2002

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BOB Mutual plans to launch 3 more funds

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BOB Mutual Fund, sponsored by the Bank of Baroda, is planning to launch three more funds during this year. These are in addition to the three funds being offered to public from February 14.

Speaking to newspersons on Friday, the BOB Asset Management Company Managing Director, Mr B. Krishna Kumar, said that the company has recently obtained SEBI's approval to launch two funds - BOB Growth Fund and BOB Balanced Fund. Approval for the third one - BOB Index Fund - would be obtained soon.

Stating that the company would wait for the capital market conditions to improve by around May, Mr Kumar said that BOB Growth Fund would be an equity-related fund, while BOB Balance Fund would deploy funds equally among debt and equity instruments.

The company expects to mop up Rs 25 crore, Rs 50 crore and Rs 20 crore respectively from these three schemes being planned.

While the first two funds would be launched in another three months' time, the third one - BOB Index Fund - would be launched during the third quarter of next fiscal, he said.

On the expectations with regard to the current launch of three funds during February - BOB Income Fund, BOB Gilt Fund and BOB Liquid Fund - Mr Krishna Kumar said that the company hopes to mop up around Rs 150 crore altogether.

Of this, Rs 80 crore is expected from Liquid Fund, Rs 60 crore from Income Fund and Rs 10 crore from Gilt Fund.

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