Financial Daily from THE HINDU group of publications
Wednesday, May 12, 2004
Financial Daily from THE HINDU group of publications Wednesday, May 12, 2004 |
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Markets
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Mutual Funds Benchmark launches first split capital fund Our Bureau
Mumbai , May 11 BENCHMARK Asset Management Company on Tuesday launched India's first split capital fund. The fund seeks to distribute credit risk between two classes of units to deliver different risk-return combinations, as per the requirements of the investors. This is a five-year close-ended fund that would invest in 10-12 different corporate bonds. The average maturity of these would be less than the scheme period. The fund would have two classes of units. Class A unit's form will be rated AAA (SO) by Fitch and this will have a predetermined maturity value. The maturity value will be determined on the allotment date itself. Class B units will be NAV-linked and rendered suitable for high risk-high return debt investors. The initial public offer for the fund remains open from May 12-26. Investors can apply for Class A or Class B units or both. The units would be listed on the NSE's capital market segment. The minimum investment amount is Rs 1 lakh per class.
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