The Hindu Business Line : Update

US-based AIG Global has announced the launch of its first equity fund in India. AIG India Equity Fund is an open-ended, diversified and does not have any sector, style, theme or market-capitalisation bias. The offer will be open from May 3 to May 31. The minimum investment amount is Rs 5,000. AIG plans to invest $10 million in the scheme as well, to inspire investor confidence.

DSPML Mutual Fund is to launch DSP Merill Lynch Strategic Bond Fund. The fund has the flexibility to invest across all fixed income classes and across maturity periods to deliver optimum returns.

The fund will thus attempt to minimise investors' efforts in chasing different asset classes. The face value of the units will be Rs 1,000. The minimum investment amount is Rs 5,000. There will be no loads. The offer closes on May 3.

Franklin Templeton Mutual Fund has launched its second Capital Protection Oriented Scheme. The scheme has been rated AAA (SO) by CRISIL, which indicates the highest degree of safety regarding timely payment of face value of units.

The fund will have a hybrid structure and will be benchmarked against the CRISIL MIP blended index. The minimum investment is Rs 10,000. The offer opened on April 24 and closes on May 17.

JP Morgan Asset Management has also announced the launch of its first diversified equity scheme in India.

The fund will be benchmarked against the BSE-200. The minimum investment is Rs 5,000 and an entry load of 2.25 per cent will be charged for purchases less than Rs 5 crore. The offer closes on May 18.

ICICI Prudential Asset Management has launched ICICI Prudential Micro Systematic Investment Plan (Micro SIP). Under the plan, the minimum investment amount will be as low as Rs 50 and is aimed at the under-banked and under-served segment.

The minimum redemption amount will be Rs 500 with an entry load of 2.25 per cent. Only growth options will be available.