New Delhi: The ICICI Prudential Asset Management Company announced two new schemes on Monday.
The schemes will include the country's first equity-linked fixed maturity plan.
The company said on Monday its Fixed Maturity Plan Series 33 will be a close-ended debt fund, providing opportunity for equity linked returns.
The fund will invest 80 per cent in equity-linked debentures while the balance will be invested in debt securities with fixed and floating interest rates.
According to Nimesh Shah, managing director, ICICI Prudential AMC, this product is targeted at investors who are risk averse.
Though there is no assurance on capital protection, the structure of the fund is that when equity market goes up, the fund will give equity linked returns and when the market goes down, the structure of debentures steps in to keep investor worry free.
The second scheme - the Fusion Fund Series - is a three-year diversified close-ended scheme which will invest in companies engaged in infrastructure, retail consumption and services. The fund will invest in pre-IPO stage and also take stake in small companies that may over the tenure of the scheme grow big. Both the schemes are currently open for subscription.
(With PTI inputs)
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