Jio BlackRock Mutual Fund Raises Rs 17,800 Crore Through Maiden NFO
The three-day NFO was launched on June 30 and attracted investments from over 90 institutional investors.
JioBlackRock Asset Management Pvt. has closed its maiden new fund offer after recording a total investment of Rs 17,800 crore, as per an announcement made by the company on Monday.
JioBlackRock is a 50:50 joint venture between Jio Financial Services Ltd. and BlackRock. The fund was mobilised from three cash/debt mutual fund schemes — JioBlackRock Overnight Fund, JioBlackRock Liquid Fund and JioBlackRock Money Market Fund.
The three-day NFO was launched on June 30 and attracted investments from over 90 institutional investors.
The cash/debt mutual fund schemes also recorded over 67,000 retail investors investing in these funds during the offer period.
The NFO was one of the largest in India's cash/debt fund segment, placing JioBlackRock Asset Management among the top 15 asset management companies by debt assets under management in the country, out of 47 fund houses, it said. It added that the NFO closed on July 2.
These first funds offered by JioBlackRock Asset Management provide a broad range of investors choice to manage different elements of cash and short-term allocations, and put cash to work for meeting differing liquidity, risk and return objectives, it said.
Short-duration debt and money market mutual funds are a solution for investors looking to get yield by holding lower-volatility and short-term funds, without locking into a long-term commitment and providing clients with the flexibility to meet their liquidity needs.
They serve as tools for investment portfolio builders, corporate treasuries and retail investors alike, it stated.
(With PTI Inputs)
