Cholamandalam AMC to launch three schemes by year-end

Sujoy Manna

Mumbai, Oct 8: In an effort to restructure its portfolio and take advantage of the existing market conditions, Cholamandalam AMC Ltd is set to launch three new schemes by the year end.

Also, as part of the total organisation restructuring, it is understood to be scouting for a foreign partner for a possible joint venture (JV).
Speaking to The Financial Express, Cholamandalam AMC chief executive Ved Prakash Chaturvedi said: "Since the fund has recorded rapid growth over the past couple of months, we are planning to introduce some new schemes to complete the range of products available with the investors. The assets under management (AUM) has gone up from Rs 194 crore in December 1999 to Rs 927 crore end August, 2001."

"We are also in talks with a number of foreign players for a possible tie-up. With growth in business volume, the JV can help us to leverage on the expertise of the foreign player to effectively widen our market presence," Mr Chaturvedi added.

The three schemes to be launched are Index fund with option for both the S&P CNX Nifty and Sensex, a Tax Saving scheme and a balanced fund.

The Index fund is aimed at investing principally in securities of companies listed in the Nifty and Sensex so that the outcome could be linked to movement of the stocks and the consequent performance in alignment with the indices.

The balanced fund will be mix of both in equity and equity
related instruments as well as fixed income instruments whereby
the investor is well insulated from wide range fluctuation in either of the markets.