Trust Asset Management aims to collect Rs 500-cr via new money market fund

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Trust Asset Management is aiming to collect up to Rs 500 crore through its new money market fund, its top official said on Tuesday.

The money market fund is an open-ended debt scheme investing in money market securities.

This is also the fifth addition to the fund house’s fixed income product portfolio.

Sandeep Bagla, CEO, Trust Mutual Fund, said the asset management firm is targeting to raise Rs 300-500 crore through the new scheme — TrustMF Money Market Fund.

The new fund offering (NFO) will open for subscription on August 5 and closes on August 11.

The aim of the fund is to take advantage of the money market yield curve which has seen perennial steepness.

In these uncertain times, money market mutual funds will provide relative stability and reasonable returns to investors looking to park their surplus money for 3 to 6 months investment horizon, Bagla said.