Financial Daily from THE HINDU group of publications
Friday, Apr 19, 2002
Financial Daily from THE HINDU group of publications Friday, Apr 19, 2002 |
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Money & Banking
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New Products & Services Markets - Asset Management Companies IDBI-Principal AMC launches monthly income series Our Bureau
Mr Sanjay Sachdev, CEO, IDBI-Principal AMC and Mr Prakash Diwan, Head of Sales & Distribution, at the launch of IDBI-Principal Monthly Income Plan Series in Mumbai on Thursday.
MUMBAI, April 18 IDBI-Principal Asset Management Company Ltd on Thursday launched the monthly income plan series. The open-ended income fund, `IDBI-Principal Monthly Income Plan Series' will initially have three investment plans namely a Dividend plan, Auto Earnings Payout (AEP) option and a Growth Accumulation Plan. Speaking to newspersons, Mr Sanjay Sachdev, Chief Executive Officer, IDBI-Principal AMC, said that a target of Rs 3,000 crore corpus in the next few years has been set and that in the first year, Rs 300 crore will be the aim. The Monthly Income Plan Series will be open for subscription from April 22 to May 10. "The addition of Monthly Income Plan to our retail product portfolio would help us provide investors an avenue of safe regular income through investments in debt and money market instruments,'' said Mr Sachdev. Mr Prakash Diwan, Head-Sales and Marketing, IDBI-Principal AMC, said that the fund is targeting the 45 to 55-age group. "MIP would appeal to a large cross-section of individuals/ businesses/self-employed/housewives/retirees/ individuals who have opted for VRS.'' The minimum investment amount in the dividend and Auto Earnings Payout Plans are Rs 10,000, which is among the lowest in the industry, and the minimum investment amount for the growth accumulation plan is Rs 5,000, Mr Sachdev said. IDBI Principal will invest the MIP's corpus into a portfolio of high quality debt and money market instruments such as call deposit, commercial paper, commercial bills, T-bills, CDs, bank deposits and repos. "Fifteen per cent of the corpus will be invested in equity and related instruments,'' he added. The Dividend Plan offers three options ranging from a dividend payout option to a dividend reinvestment option and a dividend sweep option wherein declared dividends would be automatically invested in any other open ended scheme of the fund specified by unit holder.
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