Financial Daily from THE HINDU group of publications
Tuesday, Jul 20, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jul 20, 2004 |
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Markets
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Mutual Funds StanChart introduces long-term option on floating rate fund Our Bureau
Mr Naval Bir Kumar, Managing Director, Standard Chartered Mutual Fund, addressing a press conference to launch `Grindlays Floating Rate Fund Long Term Plan' in Mumbai on Monday. - Shashi Ashiwal
Mumbai , July 19 STANDARD Chartered Mutual Fund is introducing a long-term plan option for its floating rate fund. The Grindlay's Floating Rate Fund - Long term option would be open for subscription from July 19 - 30. The open-ended income fund would invest in long duration floating rate instruments and provide returns to investors who stay vested for more than six months. The scheme offers two plans - plan A with a minimum investment requirement of Rs 500 and plan B with an investment of Rs 1 crore for institutional investors. "Floating rate funds are ideal in scenarios where interest rates are expected to rise," said Mr. Naval Bir Kumar, Managing Director, Standard Chartered Mutual Fund.
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