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Pramerica Asset Managers launches its first India fund

Announcement  |  Banking 

Pramerica Asset Managers Private Limited, the Indian asset management venture of U.S. based Prudential Financial, Inc. (PFI), today announced its first product offering for the Indian market – the Pramerica Liquid Fund. This Open Ended Liquid Scheme to be managed by Mr. Mahhendra Jajoo, Executive Director & Chief Investment Officer - Fixed Income, Pramerica Asset Managers Pvt Ltd., is being benchmarked against the CRISIL Liquid Fund Index. The New Fund Offer (NFO) is priced at Rs.10/- per unit and there is no entry or exit load. The NFO of Pramerica Liquid Fund opens for subscription on 23rd August 2010 and closes to 26th August 2010.  It will be opened for ongoing sales and repurchase at NAV from 30th August 2010.

The Scheme seeks to deliver reasonable market related returns with lower risk and higher liquidity through a portfolio of debt and money market instruments. Investing in the Pramerica Liquid Fund is an ideal short term investment avenue for surplus funds.   The dividend distributed by the scheme is exempt from income tax in hands of unit holders, as per current tax laws.

CRISIL, after due consideration, has assigned the AAAf rating to Pramerica Liquid Fund. This rating indicates that the Fund’s portfolio holdings would provide very strong protection against losses from credit defaults.

Speaking at the launch of the fund, Mr. Vijai Mantri, managing director and CEO of Pramerica Asset Managers Pvt. Ltd. said “Our first offering, the Pramerica Liquid Fund is aimed at creating value for investors with a low risk appetite. Pramerica Liquid Fund introduces the global investment experience and expertise of PFI, our sponsor, built on a sound foundation of more than 135 years.”

Adding on to this, Mr. Mahhendra Jajoo, executive director & CIO - Fixed Income, said “Pramerica Liquid Fund presents an option to investors to benefit from presently rising interest rates. Investors can also use this fund for investing cash as part of asset allocation. We are sure this fund will add value to cash surpluses pending allocation/utilization.”

About PFI:
Pramerica and Pramerica Financial are trade names used in India and select countries outside of the United States by Prudential Financial, Inc., a company incorporated and with its principal place of business in the United States, and its affiliates in select countries outside the United States. PFI (NYSE: PRU), a financial services leader with approximately $690 billion of assets under management as of June 30, 2010. PFI has operations in the United States, Asia, Europe, and Latin America. PFI’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., the company’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century.  For more information, please visit Prudential Financial, Inc., of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom.

Statutory Details: Pramerica Mutual Fund is set up as a Trust under the Indian Trusts Act, 1882. Sponsor: Prudential Financial, Inc. [liability restricted to initial contribution of Rs. 1 Lac]. Trustee: Pramerica Trustees Private Limited, a Company registered under the Companies Act, 1956. Investment Manager: Pramerica Asset Managers Private Limited, a Company registered under the Companies Act, 1956. Pramerica Liquid Fund is the maiden scheme of , Pramerica Mutual Fund. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

CRISIL Disclaimer: A CRISIL credit quality rating on a bond fund reflects CRISIL’s current opinion on the degree of protection offered by the rated instrument from losses related to credit defaults. It does not constitute an audit by CRISIL of the fund house, the scheme, or companies in the scheme’s portfolio. CRISIL ratings are based on the information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell or hold the rated scheme: it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. CRISIL reserves the right to suspend, withdraw or revise its rating at any time on the basis of any new information or unavailability of information or any other circumstances, which CRISIL believes may have an impact on the rating.

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First Published: Tue, August 17 2010. 18:59 IST