India's Economic Times writes "PGIM India launches money market fund." The piece explains, "PGIM India Mutual Fund has launched its 'Money Market Fund'.... PGIM India Money Market Fund will be managed by Kumaresh Ramakrishnan, CIO-Debt and Kunal Jain, Fund Manager – Debt. The benchmark of the fund is CRISIL Money Market Fund Index and will aim to generate alternate investment avenues to park idle surplus funds for short term with the investment horizon of 4–6 Months.... The positioning is keeping in view the current nature of the short-term yield curve, present liquidity conditions and expectations of easy monetary conditions for the near term. However, the fund manager will act according to the evolving market dynamics." PGIM's Ramakrishnan comments, "Being at the ... end of the fiscal year, money market securities currently enjoy fiscal year crossover premiums. This together with prevailing benign liquidity conditions greatly increases the chances of such a fund outperforming the Liquid and Ultra short categories in the short term. This fund thus makes a case for a better risk reward opportunity over other traditional alternatives in the short-term space." The article adds, "The PGIM India Money Market fund will invest across a range of money market instruments including commercial papers (CPs), certificates of deposits (CDs), treasury bills, cash management bills (CMBs) and any other discounted instrument of a tenure not exceeding 1 year. The minimum initial investment in the scheme will be Rs 5,000 and multiples of Re 1 thereafter. The fund also provides a minimum additional investment of Rs 1,000." India is the 11th largest money fund marketplace worldwide, according to ICI's latest figures with $63.8 billion, behind Mexico and ahead of the U.K. (See our Dec. 20 News, "Worldwide MF Assets Hit $6.6T: US Jumps, China Falls Below $1T in Q3.")

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