June 14: Standard Chartered Mutual Fund has launched a medium term debt fund Grindlays Super saver Income fund.
The initial offer will be open from June 16 to June 27. It is an open-ended fund. One can invest a minimum of Rs 500. The fund will invest 100 per cent of its portfolio in highly-rated debt and money market instruments with no exposure to equities.
Naval Bir Kumar, managing director of the company, said: We will invest 75-80 per cent of the fund in corporate bonds. The medium term plan seeks to further segment the burgeoning income fund market by targeting investors with an investment time horizon of between 4-12 months.
The company, set up in July 1997, manages assets worth Rs 6,000 crore with 45 employees.
The plan has been launched at a time when interest rates across most fixed income products have hit an all time low with 10-year benchmeark free falling from 9-11 per cent in 2001 to sub 6 per cent levels now, Kumar said.