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Pru ICICI Launches Debt Fund

At a time when equity funds' IPOs are collecting huge sums, Prudential ICICI Mutual Fund has launched an open-ended debt scheme. Named as Prudential ICICI Debt Plan-Series-I, the fund's IPO opened today and would continue till February 24, 2005.

The fund plans to invest 65 to 100 per cent of its corpus in domestic or foreign debt securities and the rest in domestic/foreign money market securities. The investment would include securities created and issued by the Central and state governments and/or repos/reverse repos in government securities, corporate debt, CPs, CDs, AAA-rated securities, securities guaranteed by the central and state governments bonds etc.

The fund won't charge any entry load during the IPO period. After that, an entry load of 3 per cent would be levied. The fund would charge an exit load of 2 per cent for redemption within 5 years of date of allotment of units.

Fund Manager: Nilesh Shah
After graduating from Mumbai's Sydenham College, Nilesh Shah did his cost accountancy and chartered accountancy. He joined ICICI Securities in 1992, where he worked in corporate finance. In late 1993, he moved to the debt markets. He then joined Templeton where he was director and CIO-Fixed Income. In June 2004, Nilesh Shah moved to Prudential ICICI AMC as the CIO