ICICI Prudential AMC, a joint venture between ICICI Bank – one of India’s foremost financial services companies, and UK-based Prudential plc – a leading international financial services group, has announced the launch of an open ended equity diversified fund, called the ‘ICICI Prudential Target Returns Fund’ in the Indian market.
The fund seeks to generate capital appreciation by investing predominantly in equity shares of the large market capitalization companies constituting the BSE 100 index.
The scheme will have pre-determined triggers set for investors based on their risk appetite, which provides investors with an option to automatically switch the appreciation or entire investment with appreciation to pre-selected debt schemes of ICICI Prudential Mutual Fund.
The entry load for the scheme is 2.25 per cent for investments of less than Rs 2 crore under the retail option, while it is nil in the case of institutional investments. The subscription for the scheme will close on May 14, 2009.
The assets under management of the ICICI Prudential mutual fund as of March 2009 were Rs 51,432 crore against Rs 54,321 crore in the same month previous year.