Birla Sunlife Asset Management has announced the launch of an institutional plan under Birla Income Plus. The plan is primarily targeted towards the investment needs of large sized corporates and institutional investors.
The minimum subscription amount for investing in the Institutional Plan is Rs. 5 crs. The portfolio of the Institutional Plan will be the same as the existing plans of Birla Income Plus. However, the expense ratio of this plan would be lower than that of the existing plans of Birla Income Plus. Though the maximum permissible expense ratio for the Institutional Plan is 1.5%, currently it plans to charge annual expenses in the region of 1.10% only and investment management fees upto 0.80%.
Investments into the Institutional Plan will not be subject to any entry or exit load. The Plan offers a Dividend as well as a Growth option. The Plan will open for subscriptions on and from March 24, 2003.