IDFC Asset Management Company launches fixed income fund

IDFC Asset Management Company today launched an open-ended fixed income fund and hoped to mop-up revenue in the range of Rs 300 crore-500 crore from the scheme in the NFO period itself.

The Credit Opportunities Fund opens for subscription on February 14 and closes on February 27. It will reopen for continuous sale and repurchase from March 6.

"The company hopes to mop-up Rs 300-500 crore during the NFO period of the Credit Opportunities Fund," IDFC AMC Chief Executive Vishal Kapoor told reporters here.

"The fund house, with Rs 61,239 crore of average AUM as on January-end, has fixed income AUM at around Rs 48,000 crore as of now. The balance AUM is in equity," he said.

Talking about the new fund, he said the scheme will look to optimise the higher risk associated with the credit fund category.

The fund will also emphasise on collaterals/covenants where it believes it is required, a company statement said.