JPMorgan Mutual Fund floats new income funds
Thu, 12 Jul 2012 00:19:07 -0600
The funds are open for subscription from July 12 to 24
JPMorgan Asset Management India (JPMAMIPL) has launched of JPMorgan India Income Fund Series 301 & 501, three-year and five-year closed-ended income schemes, respectively. The funds are open for subscription from July 12 to 24.
The funds' performance will be benchmarked against Crisil Short Term Bond Fund Index for Series 301 & Crisil Composite Bond Fund Index for Series 501.
The primary investment objective of the Schemes is to generate income through investments in debt securities/money market instruments and government of India securities that are maturing on or before the maturity date of the schemes.
Nandkumar Surti, managing director & chief executive officer, JPMAMIPL, said, “With the
launch of JPMorgan India Income Fund - Series 301 & 501, we hope to reach out to a wide section of retail investors and present to them an opportunity to lock in their investments in a high quality portfolio. Additionally, these funds have the potential to provide better post-tax returns over other interest bearing instruments.”
Namdev Chougule, head of fixed income at JPMAMIPL, said: “In the current scenario, where interest rates are expected to fall, we believe that investors should lock in rates to get potentially stable returns with a high quality portfolio. AAA long-term bonds are available at higher spreads where an ideal lock in period is for the next three to five years."
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