ABN AMRO Asset Management, a business unit of ABN AMRO Bank N.V., Netherlands, is setting up shop in India. The asset management company has a track record in investment management, with a presence in 20 locations across the globe and combined assets under management of over EUR 166 billion. The company manages almost EUR 75 billion in equity and equity-linked assets and an almost identical amount equal to EUR 71.5 billion in fixed income assets.
ABN AMRO Asset Management (India) Ltd. has initially launch five funds covering the broad types of fund categories. These are ABN AMRO Equity Fund - a diversified equity fund investing in a broad range of companies and with a bias towards large and mid-caps.
The ABN AMRO Monthly Income Plan would try to generate regular income by investing between 80-100 per cent in debt and money market instruments, while long-term capital appreciation would be achieved by investing the remaining amount in equities.
The ABN AMRO Flexi Debt Fund would aim to maximise income while maintaining an optimum balance between yield, safety and liquidity. Hence, the fund would invest anywhere between 10-100 per cent in short-term debt instruments and the remaining in long-term debt securities.
The ABN AMRO Floating Rate Fund would invest between 65-100 per cent in floating rate debt instruments and the remaining in fixed rate debt instruments.
Finally, the ABN AMRO Cash Fund would invest between 70-100 per cent in money market instruments and the rest in short-maturity debt instruments.
Except for the Cash fund, all other funds' IPOs opened on August 9 and would close on September 3, 2004. The IPO for the cash fund was open for just two days -- August 31 and September 1, 2004.
Mihir Vora will head the equities section. Prior to joining ABN AMRO Mutual Fund, he was a fund manager at Prudential ICICI Mutual Fund, where he managed Prudential ICICI Power, Prudential ICICI FMCG, Prudential ICICI Technology and Prudential ICICI Child Care funds. And before that, he had also managed two sector funds at SBI Mutual Fund. In all, he has over ten years of experience in the area of investment management.
Rajiv Shastri, who was earlier heading the fixed income investments at HDFC Mutual Fund, will head fixed income investments at ABN AMRO Mutual Fund. He has over nine years of investment management experience.
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