JM Mutual To Start Scheme For NRIs

Dubai, Oct 24: | Updated: Oct 25 2003, 05:30am hrs
JM Mutual Fund, which currently manages assets of around Rs 4,000 crore, will launch a long-term low-risk investment scheme for middle and low income NRIs in the Gulf.

The scheme, being launched at the suggestion of an non-resident Inidan (NRI) organisation Pravasi Bandhu (Friend of NRIs), was designed to serve as a nest egg who may have otherwise nothing to fall back on their return home from abroad, Krishnamurthy Vijayan, the chief executive officer of the fund, said while announcing the launch of the scheme.

KV Shamsudheen, director, Pravasi Bandhu, who has been organising study classes among the low-income Indian expatriates to promote the habit of savings and to update their skills according to Gulf standards, said he was confident that the new JM Mutual Fund scheme will serve as a hedge for low-income NRIs in the event of retirement or loss of job.

JM Mutual, which entered the middle east market last month, has initiated tie-ups with intermediaries to build long-term association with investors, investor education programmes and has introduced market specific products for NRIs of a wide spectrum, Vijayan said.