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MUMBAI, Feb. 4

DSP Merrill Lynch Investment Managers has announced the launch of two new schemes — DSP Merrill Lynch Top 100 Equity Fund and DSP Merrill Lynch Savings Plus.

Both these schemes will open for an initial public offering on February 10 and closes on February 21. The Top 100 Equity Fund scheme will focus on investing in the top 100 companies (by market capitalisation) listed in India. The performance of the scheme will be benchmarked against the BSE-100 Index.

The Savings Plus scheme will invest around 80 per cent per cent of its corpus in debt securities and the balance in equity, which again will be selected from the top 100 companies by market capitalisation.

"These launches are a first in the series of schemes that we plan to launch this year as part of our initiative to embrace retail investors. In fact, we have even reduced the minimum investment level to Rs 1000 for both the schemes," said Mr Alok Vajpeyi, President, DSP Merrill Lynch Investment Managers Ltd, said.

Speaking about the rationale behind the new schemes, Mr Vajpeyi said, "We believe that 2003 will be good for large cap equities on account of low valuation and increased FII flows. These two funds are well positioned to take advantage of these emerging trends."

On improving and expanding services, he said that DSP is constantly investing in technology to ring in better customer services. "Also, we will be starting operations in Hyderabad and Ahmedabad shortly, and throughout the year in places such as Ludhiana and Uttar Pradesh (Lucknow)."

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