Baroda BNP Paribas AMC collects over Rs 1,234 cr for new multi asset fund

Baroda BNP Paribas Mutual Fund has garnered more than Rs 1,200 crore during the new fund offer period for its latest multi asset fund.

The new fund, which was opened from November 28 to December 12, has mobilised Rs 1,234 crore during the NFO (New Fund Offer) period, the fund house said in a statement on Thursday.

This is the second new fund offering by the fund house in the past nine months since the formation of the merged entity in March 2022.

Suresh Soni, CEO, Baroda BNP Paribas Asset Management, said the new fund has received wide participation from investors and distribution partners across cities and towns. "This comes on the back of the overwhelming response we received for our flexi cap fund a few months ago."

The multi-asset fund is a growing category, even though the existing category's asset under management is relatively modest at Rs 22,361 crore as of November 2022.

The new fund invests in a mix of equity, fixed income and gold ETF (Exchange Traded Fund). Equity aims to offer capital growth, fixed income could help generate income and gold ETF aims to provide a hedge during global crisis/inflation.

The scheme will re-open across all offline and online investment channels, including distributors and advisors, on December 26.

Baroda BNP Paribas Mutual Fund is managed by the Baroda BNP Paribas AMC, a strategic partnership between Bank of Baroda and BNP Paribas Asset Management, part of the BNP Paribas Group.

The fund house offers 29 schemes across equity, hybrid, debt and overseas fund of fund categories.