The Hindu Business Line : ING Vysya Mutual eyeing acquisitions

Ms Kavita Hurry, CEO & MD, ING Vysya Mutual Fund, with Mr Ashim Syal, Chief Investment Officer, at a press conference in the Capital on Tuesday. — Kamal Narang

New Delhi , July 27

IN keeping with the consolidation moves in the mutual fund industry, ING Vysya Mutual Fund on Tuesday said it was open to acquisitions. The fund has set itself a target of Rs 3,000 crore asset under management against Rs 1,600 crore at present.

"We will certainly take the call when right opportunity comes," the Managing Director and CEO of ING Vysya Mutual Fund, Ms Kavita Hurry, said while announcing the launch of two new schemes — Domestic Opportunities Fund and Select Debt Fund. Together, the schemes aim at mopping up about Rs 500 crore.

Ms Hurry replied in the affirmative when asked whether the acquisitions could come within the current financial year. She said that the mutual fund's two other schemes — Floating Rate Fund and Textiles and Pharmaceutical Fund — have got SEBI clearance.

The Select Debt Fund and Domestic Opportunities Fund will open for public on July 30 and close on August 23.

The Domestic Opportunities Fund is an open-ended equity scheme that offers long-term capital appreciation by primarily investing in companies that derive a significant portion of their revenues from the domestic economy. The select debt fund invests in higher yielding fixed income securities by maintaining higher exposure in `AA' rated securities and money market instruments of varying maturities dates with a view to maximising income while maintaining the optimum balance of yield, safety and liquidity.