With equities markets reaching their all time highs two—small fund houses are planning to expand their product portfolios. ING Vysya Mutual Fund has launched two new schemes ING Vysya MIP and ING Vysya Nifty Plus. The schemes are open for initial subscription from Janaury 12, 2004 to February 6, 2004.
ING Vysya MIP Fund has two plans A and B. Plan A is a pure debt MIP fund. Plan B will invest up to 20 per cent in equity markets. The investment in equities will be primarily through the ING Vysya Nifty Plus Fund. During the initial offer period the MIP will offer some additional benefits such as Rs 3 lakhs of accident insurance and Rs 35,000 worth of medical insurance. All of these are available through a zero balance savings account, which is opened with ING Vysya Bank. These value-added features are available only in locations where ING Vysya Bank is present and offers the Orange Savings Account product.
The ING Nifty Plus fund will invest not less than 70 per cent in the Nifty index, and upto 30 per cent in stocks which are drawn from non-Nifty stocks. ING Vyasa had last launched new schemes in mid 2002.
BoB Mutual Fund on the other hand has filed offer documents for a slew of basic products. For Bank of Baroda's mutual fund arm, this is the second round of product launches. The fund had in the last quarter of 2003 launched a diversified equity fund, a balanced fund and a gilt fund.
The fund is now proposing a MIP, a children's fund and an NRI fund. The childrens fund will be on the lines of other such funds currently available. The scheme will be a debt oriented hybrid fund. It's Gift plan, will have a 25-49 per cent equity allocation, while the Study plan will have a lower equity allocation of upto 20 per cent. The Childrens fund will also offer personal accident insurance upto the amount of initial investment subject to a maximum amount of Rs 5 lakh. The NRI plan will consist of a Short Term Bond Plan, Long Term Bond Plan and Flexi Asset Plan. The flexi Asset plan seems to be a dynamic fund. It can have a maximum of 80 per cent in equity, but this can also be reduced to zero.