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Mirae MF Unveils NFO

The asset management company has launched a new debt fund

Mirae Asset Mutual Fund has launched its 5th debt fund – Mirae Asset Short Term Bond Fund for which the new fund offer (NFO) will remain open till July 22, 2009.

The fund will aim at an actively managed portfolio of fixed income securities. The fund can keep up to 80 per cent of its assets in instruments having maturity of more than 6 months while keeping the balance of the assets in instruments with maturity of less than 6 months.

Fund Manager
Mr. Murthy Nagaranjan is the designated fund manager for the scheme. He holds PGDBA and has over 16 years experience in financial services. He has earlier worked with Tata Asset Management as Head – Fixed Income. He has been with Mirae Asset Mutual Fund since February 2008 and is also the fund manager for the other 5 debt schemes.

Fund Family
Mirae Asset Mutual Fund was established in November 2007. It had Rs 216 crore of average assets under management (AAUM) in May 2009. The fund house’s debt schemes account for Rs 17 crore, which are just a small portion of the total assets.

Basic Details
Type: Open-end Debt scheme
NFO Opens: June 23, 2009
NFO Closes: July 22, 2009
New Offer Price: Rs 10/- per unit
Plans and Minimum Application Amount:
Regular Plan: Rs. 5,000/-
Institutional Plan: Rs. 10 lakh
Options: Growth and Dividend (weekly, fortnightly, monthly and quarterly) options under both the plans. Monthly and quarterly dividend options will also have payout option. Dividend option will also have transfer facility.
SIP Facility: Available on a monthly (min. Rs 1,000/-) and quarterly (min. Rs 1,500/-) basis under the Regular plan only.
Benchmark: CRISIL Short Term Bond Fund Index
Load Structure:
Entry Load: NIL
Exit Load: For Regular Plan, 0.25 per cent for redemption of units within 90 days from the date of allotment. For Institutional Plan it is 0.15 per cent for redemptions of units within 15 days.
Annual Recurring Expense (maximum): 2.25 per cent (Regular Plan) and 2.10 per cent (Institutional Plan), including investment management and advisory fee of a maximum 1.25 per cent.