Standard Chartered mutual fund has lined up a Liquid Fund to add to its present kitty of two bond funds. The mutual fund has filed an application with SEBI for approval of "Grindlays Cash Fund". Part of the short-term debt category, liquidity will be the fund's prime focus and hence, the portfolio will largely comprise of money markets instruments.
Grindlays Cash Fund will entail a minimum investment of Rs 1 lakh in the form of high value cheques or debit mandates. The fund offers daily dividend-reinvestment and growth options. At the time of exiting, the fund will initially facilitate direct credit to Standard Chartered accountholders and later extend it to other banks as well, the minimum redemption amount being Rs 25,000.
The proposed liquid scheme comes on the back of an impressive performance by the maiden fund of the AMC- Grindlays Super Saver Income Fund, an open ended medium term debt fund. Launched in July last year, the fund has posted a simple return of 11.8 per cent. Along with the second launch of Grindlays Fixed Saving Scheme, a serial plan, the fund house manages assets worth Rs 687 crore as on March 31, 2001.