Dundee Mutual Fund has lined up a slew of products. The company, through the schemes, targets to achieve a 10-time growth in fund mobilisation to Rs 1,000 crore by March, said Anil Sahgal, vice-president of the fund.
The institution is currently managing nearly Rs 100 crore through three schemes, Dundee Liquidity Fund, Dundee Sovereign Fund and Dundee Bond Fund.
The expansion plan includes opening of branch offices in all major cities of the country by next year. Currently, it has six offices _ four in New Delhi and one each in Mumbai and Bangalore. The Calcutta office is expected to be established by next month.
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According to Sahgal, the schemes, which will be introduced shortly, are a tax-saving fund, an offshore fund and a pure equity fund. "The proposed tax-saving fund, which aims to cater to the salaried people, will be launched next month. The other two schemes are likely to hit the market in the beginning of the next financial year," he said.
Dundee is also preparing itself to become an one-stop financial intermediary by entering into the distribution of government securities. Dundee Securities, the stock broking arm of Dundee, has a National Stock Exchange membership.
In addition, Dundee plans to enter into insurance broking business, one of the core area of its Canada-based promoter Dundee Bancorp, in the country.
Sahgal, who yesterday introduced the recently launched Dundee Balanced Fund to the city, said the scheme is expected to raise Rs 50 crore from the market.
Dundee fund manager Bhupender Sethi said the balanced fund is aimed to provide investors long-term capital appreciation and generation of current income, thereby ensuring consistent high return.
He said the fund seeks to achieve growth through a mix of investment in equity and equity-related securities as well as in fixed income and money market securities. The open-ended scheme is priced at Rs 10 per unit during the initial public offer (IPO) and thereafter at net asset value rates. The IPO, which was opened on February 1, will be closed on March 14.
Dundee is promoted by the Rs 43,500-crore Canadian investment management company Bancorp Inc.