JP Morgan Asset Management launches fixed maturity plan

NEW DELHI: Mutual fund house JP Morgan Asset Management on Wednesday launched a fixed maturity plan, wherein the corpus will be invested in fixed income securities.

The fund -- JP Morgan India Fixed Maturity Plan 400D Series 1 -- is a close ended income scheme. The fund, which opened for subscription on Wednesday, closes on February 21, the company said in a statement.

The scheme is a 400 day FMP with March 28, 2012 as the maturity date. The fund will be benchmarked against the Crisil Short Term Bond Fund Index. The minimum application amount is Rs 5,000.

The scheme aims to achieve growth of capital through investments made in a basket of debt/fixed income securities maturing on or before 400 days, the statement said.

"This fund can be an ideal vehicle for risk averse investors seeking stable returns over a fixed period and returns that are more tax-efficient compared to traditional deposits," JP Morgan Asset Management Chief Investment Officer Nandkumar Surti said.