The rising trend shown by markets over the recent times has brought to renewed life not just the existing mutual funds (MFs), which are increasingly gung-ho about launching new fund offers, something they had shunned form months on end, but also encouraged firms to jump into the asset management space for the first time.
After JP Morgan Chase and Company, South Korea’s Mirae Asset Financial Group, Pioneer Global Investments Limited, the fund arm of Italian bank UniCredit SpA—and France’s Axa SA, who have already launched funds in India, it is now time for Shinsei Mutual Fund, an arm of Japan-based Shinsei Bank.
The company feels that the reversal in confidence amongst investors in mutual funds is finally getting over, now that they can actually see their investments logging gains, and that is why, it feels, this is the best time to launch new funds.
Shinsei Mutual Fund will be the 36th fund house to be launched in India and it is planning to unveil three new fund offers (NFOs) by July-end this year -- Shinsei Liquid Fund, Shinsei PSU Bonds Fund and Shinsei Industry Leaders Fund.
The company has already got the clearance from market regulator Securities and Exchange Board of India (SEBI) last week.
Shinsei Liquid, falling in the ultra-short term category, will primarily invest in money market instruments. Shinsei PSU Bonds Fund will have 2 sub-plans, viz. Savings Plan that will invest in securities of less than 1 year duration and Investment Plan that will invest in securities with a maturity period that is less than 3 years. Shinsei Industry Leaders Fund will be a diversified equity fund aiming to invest in companies with a track record of growing profits, sales and having a substantial market share.
The group aims to break-even within 3-5 years and is presently still assessing the market scenario. Depending upon the market situation, the Shinsei AMC plans to bring in another 6-8 funds in the coming 18 months time frame.
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