NJ Mutual Fund has hit gold with its first launch. Its first NFO — the NJ Balanced Advantage Fund (NBAF) — has received record inflow of over Rs.5,200 crore.
According to the fund house, this is the highest-ever collection by a debut NFO in India.
NJ India, the in-house distribution firm, played a key role in bringing in the record sum.
"Over 140 MFDs and RIAs worked with us. NJ India contributed the lion’s share to the collection. Direct (including RIAs) and non-NJ India MFDs brought in more than Rs.230 crore, which is a very heartening number given the fact that this is the first NFO," said Rajiv Shastri, CEO of NJ Mutual Fund.
The NFO opened for subscription on October 8 and closed on October 22.
The fund will invest in equity and debt securities based on rule-based investment philosophy.
