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Tuesday, January 06, 2009

Mirae Asset MF unveils Cash Management Fund

NFO period from 05 January–6 January 2009

Mirae Asset Mutual Fund has launched Mirae Asset Cash Management Fund 05 January 2009. The new issue will remain open till 6 January 2009. The NFO price for the fund is Rs 1000 per unit. It is an open ended liquid scheme.

The investment objective of the scheme is to seek to generate returns linked to short end rates like MIBOR and CBLO etc. and provide higher liquidity by investing in a portfolio of debt and money market instruments.

The scheme offers three options viz. dividend, growth and bonus options. Under bonus option the fund may issue bonus units out of the accumulated reserves and surplus.

The minimum investment amount under regular plan is Rs 5,000 and in multiples of Re 1 thereafter. And additional investments in an existing folio can be made for Rs 1000 and in multiples of Re 1 thereafter.

The Mutual Fund seeks to raise a minimum subscription amount of Rs. 1 crore during its New Fund Offer period.

The fund will not charge any entry load nor exit load.

The scheme will invest up to 65-100% in CBLO/Reverse repo debt instrument linked to short end rates such as MIBOR etc., and MIBOR linked instruments with daily put/call options. The scheme may levy upto 35% debt and money market instruments.

The scheme my invest upto 30% of net assets in securitised debt. The scheme may propose to invest in securitised debt upto the limit of 30% of net assets and does not propose to under write issuances of securities of other issuers. The scheme does not propose to invest in equity and equity related securities.

The benchmark index for the scheme is CCIL MIBOR

Murthy Nagarajan will be the fund manager for the scheme
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