Date:20/07/2004 URL: http://www.thehindubusinessline.com/2004/07/20/stories/2004072002560600.htm

Back StanChart introduces long-term option on floating rate fund

Our Bureau

Mr Naval Bir Kumar, Managing Director, Standard Chartered Mutual Fund, addressing a press conference to launch `Grindlays Floating Rate Fund Long Term Plan' in Mumbai on Monday. - Shashi Ashiwal

Mumbai , July 19

STANDARD Chartered Mutual Fund is introducing a long-term plan option for its floating rate fund. The Grindlay's Floating Rate Fund - Long term option would be open for subscription from July 19 - 30.

The open-ended income fund would invest in long duration floating rate instruments and provide returns to investors who stay vested for more than six months.

The scheme offers two plans - plan A with a minimum investment requirement of Rs 500 and plan B with an investment of Rs 1 crore for institutional investors.

"Floating rate funds are ideal in scenarios where interest rates are expected to rise," said Mr. Naval Bir Kumar, Managing Director, Standard Chartered Mutual Fund.