Pru ICICI AMC Launches Fund Of Funds

Mumbai, Nov 6: | Updated: Nov 7 2003, 05:30am hrs
With competition building up in the mutual fund business, innovative schemes have become the order of the day. Leading MF player Prudential ICICI AMC, on Thursday, launched a product based on the concept of fund of funds Pru ICICI Advisor Series.

To meet the risk-profiles of various investor class, the advisor series is further segregated to five structured plans, viz; Pru ICICI Advisor very aggressive plan, aggressive plan, moderate plan, cautious plan and very cautious plan. In the initial stage, Pru ICICI Advisor Series plans to invest only in in-house promoted schemes.

The initial public offering of Pru ICICI Advisor, having a face value of Rs 10 per unit, will start from November 10 and close on November 28, 2003. The minimum IPO investment required is Rs 5,000.

Said Shailendra Bhandari, managing director, Prudential ICICI AMC; We have always been committed to offering innovative products to Indian investors. Fund of funds is an established international investment concept that we have introduced in India. We have used this cutting edge concept to launch our Pru ICICI Advisor Series to make it easy for Indian investors to avail of a range of investment solutions designed to suit their specific risk appetite. Prudential ICICI AMC manages assets worth Rs 14,560 crore with about six lakh investors under its belt.

Said Pankaj Razdan, deputy CEO, Prudential ICICI AMC; Our experience has shown us that investors are looking for products that help them meet the specific needs at various stages in life. In the Pru ICICI Advisor Series, we have created a solution-oriented approach to investing.