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L&T Mutual Fund today launched a monthly income plan, L&T MIP Wealth Builder Fund, which will invest at least 70 per cent of the corpus in debt instruments with equity exposure limited to 30 per cent.
The scheme aims at generating monthly returns through investments in debt and equities, asset management firm’s acting Chief Executive Mr Ashutosh Bishnoi told reporters here.
“In the challenging environment, where the risk of rising interest rates has increased and global markets seem to be volatile, we believe, this product will offer risk-adjusted returns,” L&T Finance Holdings President and Whole-Time Director Mr N Sivaraman said.
“Since the acquisition (of the fund house from DBS Cholamandalam), we have invested over Rs 60 crore in the business. We have made that investment to build the network, the organisation, and visibility.
We have to make more investment in the business for the next three to four years, before it reaches a substantial size,” he added. L&T had acquired DBS Cholamandalam AMC for Rs 45 crore in 2009.
Bishnoi said, these monthly income plans to raise about Rs 100-200 crore. The transaction fee will be applicable as per Sebi and Association of Mutual Funds in India (Amfi) norms.
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