Financial Daily from THE HINDU group of publications
Saturday, Dec 20, 2003
Financial Daily from THE HINDU group of publications Saturday, Dec 20, 2003 |
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Markets
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Mutual Funds Magnum NRI Fund launched Our Bureau
THIRUVANANTHAPURAM: SBI Mutual Fund, a 100 per cent subsidiary of India's largest pubic sector bank, has launched the new Magnum NRI Investment Fund in Kerala. At a function here to formally launch the fund, Mr P.G. R. Prasad, Managing Director, SBI Mutual Fund, said the response from non-resident Keralites based in the Gulf and other countries has been encouraging. Given the falling rate regime for NRE fixed deposits and FCNR deposits, SBI MF has positioned this special fund for those NRI investors who do not at present have a banking product to invest in, and whose investment horizon is below one year and not above three years. The scheme has got three plans, Short Term Bond (STB), Long Term Bond (LTB) and Flexi Asset Plan (FAP). STB and LTB are pure debt schemes and FAP will have a minimum 10 per cent equity exposure in BSE-100 Sensex shares, which can go up to 80 per cent through dynamic balancing to capitalise the market conditions fully.
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