Canbank Mf Launches Fund After Two Years

Canbank Mutual Fund today announced the launch of Can Liquid, its first scheme in more than two years. Targeted at high networth and big-ticket buyers, the minimum investment in the scheme is Rs 25,000 under the growth and dividend reinvestment plans.

Canbank Mutual has been maintaining a low profile in the last two years, while nursing itself back to health after being hit by huge outflows on its assured returns schemes which were launched in the early years of its business. The last time the fund had launched a scheme was in December 1999.

Can Liquid will invest around 65-100 per cent of its portfolio in the call money market instruments and the remaining in debt schemes.

Currently there are four assured returns schemes in its portfolio under the Canpep series, all of which will be coming up for redemption from next fiscal.

R K Madhurkar, managing director, Canbank Mutual, said Canpep 92 will be coming up for redemption in the next fiscal involving an outgo of Rs 50 crore.

Canbank Mutual also has 12 schemes in operation with a total corpus of around Rs 700 crore of which nine are open-ended and four closed-end plans.

The fund is targetting to increase its corpus to Rs 1,000 crore by the end of the current fiscal.