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Pramerica Mutual Fund on Thursday announced the launch of a close-ended income scheme, Pramerica Fixed Duration Fund-Series 2.
Pramerica Fixed Duration Fund-Series 2 is open for subscription from March 24 till March 28, 2011. The duration of the fund will be for 366 days from the date of allotment, including the date of allotment.
The scheme seeks to provide reasonable returns, commensurate with a moderate level of risk, through investments in a portfolio of debt and money market instruments. The scheme has low credit risk and is tax-efficient, a press release issued here said.
Pramerica Executive Director and CIO-Fixed Income, Mr Mahendra Jajoo will manage the scheme.
“FMPs can be an ideal product for all investors who wish to invest in a product with moderate risk for a fixed tenure and earn tax-efficient returns. In the mid-quarter Monetary Policy review conducted on March 17, RBI hiked key rates by 25 bps.
“Bank CDs are currently trading at attractive yields and with the fresh round of rate hike, they are expected to stabilise around these attractive levels. Thus, this could be an opportune time to invest in a FMP,” Mr Jajoo said.
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