Dsp Merrill Lynch To Kick Off New Fund

DSP Merrill Lynch Asset Management said yesterday it plans to launch a new open-ended fund that will target companies, trusts and large institutional investors.

The DSP Merrill Lynch Liquidity Fund will open for initial subscription from March 6-9, it said in a statement.

The scheme aims to raise a minimum subscription of Rs 1 crore with an option to retain up to Rs 200 crore during the initial period, the statement said.

The scheme will then reopen on March 16 on an ongoing basis for investors to subscribe and redeem as they wish, it said.

The scheme has an initial price of Rs 10 per unit with a minimum application of Rs 5 lakh and subsequently in multiples of Rs 1 lakh.

 

Nearly 80 per cent of the fund will be invested in money market securities and the rest in debt instruments, it said.

The firm currently manages funds worth Rs 291 crore. DSP Merrill Lynch Asset Management is 60 per cent owned by DSP Merrill Lynch and 40 per cent by Merrill Lynch Asset Management LP.