AMC plans to expand
fund management team to introduce more actively-managed products.
IDBI AMC today announced the launch of its maiden
actively-managed equity fund called IDBI India Top 100 Equity Fund even as the
equity markets remain uncertain. The new fund opens for subscription on April
25, 2012 and closes on May 9, 2012. It re-opens for continuous subscription on
Benchmarked against the CNX 100 index, the fund will
follow a combination of a top-down and a bottom-up approach in picking stocks.
The fund manager, V Balasubramanian may take exposure to sectors like FMCG,
pharma, banking & financial services and automobiles. The fund will take
exposure to 10 sectors of S&P CNX Nifty (Nifty 50) and CNX Nifty Junior
comprising 100 stocks.
The minimum application amount under lump-sum is Rs
5,000 and it is Rs 500 for investment through SIPs. The fund will have 1% exit
load if redeemed or switched-out before 1 year. IDBI has targeted collection of
Rs 100 crore from this fund. The AMC had collected Rs 107 crore from its gold
ETF and Rs 115 crore from its IDBI Dynamic Bond Fund. The fund house managed Rs
5,482 crore as on March 2012.
IDBI plans to expand its fund management team as it adds
more actively-managed products to its basket. The fund house has recently filed
an offer document with SEBI for IDBI Gilt Fund.
Currently there are around 201 equity diversified
funds in the market.