NFO: NJ MF to kick start ops with balanced advantage fund on Oct 8


Informist, Wednesday, Sep 15, 2021


MUMBAI – NJ Mutual Fund has unveiled its maiden offering, NJ Balanced Advantage Fund. The new fund offer will open for subscription on Oct 8, and close on Oct 22, according to a press release from the fund house today. 


The open-ended dynamic asset allocation fund aims to invest in equity and debt securities through its in-house "Rule-Based Active Investment Philosophy". The scheme may allocate its entire corpus in equity and equity-related instruments, or specified debt securities, as per the scheme information document.


"Since 2010 our Portfolio Management Services have offered rule-based active investment approaches to discerning investors, which has made us among the largest PMS (Portfolio Management Services) providers in the country," Rajiv Shastri, director and chief executive officer, NJ Asset Management Pvt Ltd said on the launch. "Combined with our learnings as one of India’s largest mutual fund distributors serving retail investors for more than 27 years, we are confident that our philosophy will be embraced by them as well."


NJ Mutual Fund's launch of a balanced advantage fund comes after SBI Mutual Fund garnered 145.51 bln rupees via the new fund offer of SBI Balanced Advantage Fund in August.


NJ Mutual Fund had sought the Securities and Exchange Board of India's approval for a dynamic asset allocation fund on May 14. It had also sought the securities' regulator's approval for a flexicap fund on the same date. 


In April, the parent NJ Group had received an approval from SEBI to start its own asset management company, after it applied for a licence in 2019. NJ Asset Management Pvt Ltd is the investment manager to NJ Mutual Fund, and NJ Trustee Pvt Ltd is the trustee company to the fund house.


NJ Group, a leading player in the Indian financial services industry, was founded by Neeraj Choksi and Jignesh Desai in 1994. Its flagship company NJ India Invest Pvt Ltd is the country's leading mutual fund distributor.


The distributor contributes more than 1.15 trln rupees to the current assets under management of the Indian mutual fund industry through more than 20,000 active partners, the release highlighted.


Other features of the scheme are:


*Risk: Moderately high 

*Performance benchmark: NIFTY 50 Hybrid Composite Debt 50:50 Index 

*Plans: Regular and direct

*Options: Growth, and payout of income distribution cum capital withdrawal option

*Minimum application: 500 rupees and in multiples of 1 rupee thereafter

*Exit Load: 1% if units are redeemed or switched out within 30 days from the date of allotment

*Fund manager: Rishi Sharma




Reported by Ajay Ramanathan

Edited by Pranav S. Joshi


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