Calcutta, July 19: HDFC Asset Management Co Ltd is planning three more funds - tax-saving, gilt and sectoral funds - during the current fiscal to March 31, 2001. Managing director Milind Barve made the announcement while he was in Calcutta to promote the launch of its mutual fund products. These are slated to open on July 20. According to Barve, HDFC Asset Management , a 74:26 joint venture with the UK-based Standard Life Investments is planning to launch an income-tax saving product early next year. The two other funds will also be floated during the current fiscal.To target middle class investors, the fund has kept the minimum investment level at Rs 3000 for its first three schemes that opens on Thursday. Barve feels the three schemes that open on Thursday will mop up between Rs 350 to Rs 400 crore.
All three schemes growth, balanced and income funds are open-ended. The corpus in the growth fund will be invested predominantly in equity and equity-related instruments.
The balanced fund is also an open-ended scheme where the portfolio will focus on equity, debts, equity-related and debt-related instruments. The income fund will generate regular income through investments in the debt and money markets. HDFC Asset Management plans to utilise the network of the group to market the schemes. In addition to this, collection centres have been set up at certain branches of Central Bank of India and ANZ Grindlays.
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