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IDBI-Principal plans VRS specific fund
Our Bureau
Pune, Oct 4: IDBI-Principal Asset Management Company Limited is planning to launch a product aimed at people opting for Voluntary Retirement Scheme (VRS). "We are in the process of developing this product right now and are conducting research on the product," Sanjay Sachdev, MD & CEO, IDBI-Principal said. "Companies are laying off people under the VRS programme but there is no product available to meet their needs of these people and our VRS product will be designed to fill this gap in the market," he added. IDBI-Principal is the 50:50 JV between Principal Financial Group and IDBI with an investment of Rs 65 cr. Sachdev was in Pune to launch the company's new scheme, the Future Goals asset allocation programme. The family of four funds includes the first ever cash management fund.Sachdev said the track record of some of the IDBI's funds should not be a cause for concern as IDBI-Principal has a new team in place with the focus on bringing in professionalism, customer-oriented service standards and technological capability. "We will be benefiting from IDBI's distribution systems and network," Sachdev added. IDBI-Principal starts with an investor base of 1,75,000 customers and Rs 700 cr funds, earlier managed by IDBI Investment Company. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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