Templeton AMC unveils GILT fund.[Templeton India Government Securities Fund]
Parul Monga
Mumbai, June 14: The Templeton Asset Management Company, with assets under management in excess of Rs 370 crore for period ended June 3, 1999, has announced the launch of a gilt fund christened the Templeton India Government Securities Fund. The fund is an open-ended scheme which will be open for one day on June 21, for the initial subscription period, and will reopen the next day for perpetual investment.
Quoting from the RBI report on currency and finance for 1998, president and chief executive officer of Templeton AMC Vijay C Advani said: "Of the total household savings of $43 billion in 1998, a large pool of around 94 per cent went to investments avenues perceived to be safe by the investors: the bank deposits (46 per cent), LIC (11 per cent), provident fund (18 per cent), currency (7 per cent) and government securities (12 per cent), and this huge pool of money is what we are targeting at. A look at these statistics reveal that a huge portion of our population is looking for safety and liquidity fortheir investments and this is exactly what we are targeting through the gilt fund."...
financialexpress.com |
