ING's Optimix launches first multi-manager fund scheme

Optimix Investment Solutions, owned by the ING group, today launched the first ever multi-manager fund in the country.

Christened Optimix Income Growth Multi Manager FoF Scheme, the fund would invest predominantly in debt with a splash of equity.

This open-end fund of funds (FoF) scheme would offer two plans "" one with a 30 per cent equity allocation and the other with a 15 per cent allocation. The benchmark for the fund is Crisil MIP Blended Fund Index.

"This fund seeks to put together the best of breed equity and debt managers without any bias and limitations." said Ashvin Arora, director, Optimix Advanced Investment Solutions.

"Our fund is different in the respect that we follow a scientific investment model and believe in the philosophy of prudent asset allocation. This fund separately picks equity and debt funds and combines them in a manner that aligns with Optimix view on the asset allocation to debt and equity" said Sumeet Vaid, chief marketing officer of the fund.

"It is difficult for investors who normally invest in fixed deposits to take the plunge in the equity markets. So our portfolio is dominated by debt even though we find equity funds attractive" he added.

In FoF, one mutual fund invests in other mutual fund schemes. Optimix is currently in talks with about 10 fund houses for investing the money collected under the fund. FoF seek to deliver better retuns to the customer by picking the best fund managers.

Optimix was started in Australia in 1989 and has asset worth A$ 7 billion under management. The fund proposes to offer more categories of multi manager products.

The portfolio management services (PMS) will be launched in two months. The PMS WRAP would be an interactive solution provider for the individual customers, the official said.

The fund opens for initial subscription on March 9 and closes on April 7.