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Fidelity launches its first fixed maturity plan

Fidelity launches its first fixed maturity plan
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First Published: Mon, Aug 18 2008. 02 21 PM IST
Updated: Mon, Aug 18 2008. 02 21 PM IST
Mumbai: Fidelity Asset Management Company, the Indian arm of Fidelity International, has launched its first Fixed Maturity Plan (FMP), the Fidelity Fixed Maturity, Series 1 - Plan A with a duration of 370 days from the date of allotment of units.
This is a close-ended debt scheme that seeks to generate reasonable returns and reduce interest rate volatility through investment in money market and short-term debt instruments with a maturity profile that is in line with the Plan’s duration. The performance of the Plan will be benchmarked against the CRISIL Short Term Bond Fund Index.
The new fund offer opens for subscription on 20August, 2008 and closes on 27August, 2008. The fund offers both, retail and institutional plans.
The minimum application amount for the retail plan is Rs5000 and under the institutional plan, it is Rs1crore. The fund would offer a redemption facility on the maturity date without the payment of any load. Redemptions before the maturity date will be subject to an exit load of 2%.
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First Published: Mon, Aug 18 2008. 02 21 PM IST