Business Daily from THE HINDU group of publications
Thursday, Aug 03, 2006
Business Daily from THE HINDU group of publications Thursday, Aug 03, 2006 |
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Markets
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New Fund Offer Our Bureau
MR ANDREW D. WELLS, Chief Investment Officer, Asian Fixed Income, Fidelity International, and Ms Ashu Suyash, Managing Director and Country Head, Fidelity Fund Management Pvt Ltd, at a press conference in Mumbai on Wednesday. — Shashi Ashiwal
Mumbai , Aug 2 Fidelity Fund Management Pvt Ltd has launched its fixed income business in India with the announcement of Fidelity Short Term Income Fund. It is an open-ended income scheme that aims to generate reasonable returns through a diversified portfolio of fixed income securities. The fund will invest 0-100 per cent in money markets and bonds. The new fund offer will be open from August 17 to 24. It will have an institutional and non-institutional plan without entry and exit loads. Crisil Short Term Bond Index will be the benchmark for the fund. "Short term income funds provide a great alternative to volatile equity markets such as the one we are seeing now. The Fidelity Short Term Income Fund will play into the current steepness of the yield curve from a risk-return perspective," said Mr Sameer Kulkarni, Fund Manager, Fixed Income, Fidelity Fund Management. He said investing in short end of the yield curve for a period of six months would generate returns. Ms Ashu Suyash, Managing Director and Country Head, Fidelity Fund Management, said, "The product is beneficial to investors as it offers the opportunity to earn reasonable returns over shorter periods of time even as their overall portfolio works towards creating wealth over the long term."
Other new products
Mr Andrew D. Wells, Chief Investment Officer, Asian Fixed Income, Fidelity International, said that in future the company would also launch cash products and long term products in the fixed income segment. With the launch of fixed income products in India, Fidelity will now cater to the needs of all core asset classes — equities, fixed income and cash. Fidelity's approach to manage fixed income will have two pillars - people and process. Fund managers follow a multi-strategy approach and involve an integrated team approach. This will combine the expertise of the fund manager, credit researchers, quantitative analysts and traders.
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