Standard Chartered Mutual Fund has launched a new fund today-Grindlays Floating Rate Fund. The scheme would invest largely in good quality floating and fixed rate debt or money market instruments. It would invest upto 35 per cent of its assets in fixed rate debt securities and atleast 65 per cent of its assets in floating rate debt instruments.
The fund would be open for the initial public offer only on February 18, 2003. It would be available on an ongoing basis from February 19, 2003. The minimum investment in the scheme is Rs 500 and in multiples of Re 1 thereafter. All the initial issue expenses would b borne by the AMC. It would be a no-load fund. There are two options available-Growth and Dividend Monthly.
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