DSP Merrill Lynch launches floating rate fund for institutions
By Our Corporate Bureau | 18 Oct 2005
Mumbai:
DSP Merrill Lynch has announced the launch of the ''institutional
plan'' with a face value of Rs1,000 under its floating
rate fund, aimed at large institutional investors. The
minimum application amount is Rs1 crore and multiples
of Rs1 lakh.
Announcing the launch, S Naganath, president and chief investment officer, said, "The launch of this plan is in keeping with our strategy to enhance the choice of investment products available to investors and to offer them the operational flexibility to suit their financial objectives."
DSP Merrill Lynch Floating Rate Fund has received the CRISIL AAAf rating, indicating that the fund''s portfolio holdings provide very strong protection against losses from credit defaults.
Dhawal Dalal, head, fixed income schemes, the fund manager for the floating rate fund, said, "The fund is expected to deliver superior risk-adjusted returns during periods of sustained upward movement in interest rates, provide investors with relatively stable returns coupled with a low level of interest rate risk, and therefore seek to exhibit low price volatility."
