(1888PressRelease)
December 05, 2008 - Mumbai - Commenting on receiving these ratings by CRISIL, Mr. Nimesh Shah, MD & CEO, ICICI Prudential AMC said, “AAAf rating by CRISIL to our FMPs is highly reassuring to investors. It endorses and inspires confidence of our credit quality standards and transparency practices. Quality of investment and transparency in approach at the helm of operation is extremely critical for us and is embedded in our system and conscience.”
It is important for investors to evaluate a fund on the basis of its portfolio. The most authentic source for the same is the fund house itself and hence it is important that fund houses realise their fiduciary responsibility and let investors know where their hard earned monies are invested.
Mr. Shah further added that “ICICI Prudential AMC is the only fund house in the country which discloses complete details of its securitizations and pass through certificates across all schemes on a consolidated basis in their monthly Fact sheet apart form giving complete FMP portfolio even though both are not mandatory.”
ICICI Prudential AMC has been one of the leading fund houses in the mutual fund space and is continuously setting new industry benchmarks in terms of corporate governance, transparency and performance consistency. Initiatives like elaborate portfolio disclosures, regular investor updates and strong customer service have all contributed to the Company being recognized for its practices.
About ICICI Prudential Asset Management Company
ICICI Prudential Asset Management Company Ltd. is the joint venture between ICICI Bank, a well-known and trusted name in financial services in India and Prudential Plc, one of UK’s largest players in the financial services sectors. ICICI Prudential Asset Management Company, in a span of just over ten years, has forged a position of preeminence in the Indian Mutual Fund industry as one of the largest asset management companies in the country with average assets under management of around Rs. 37,055 Crores as on November 30, 2008 (Source:www.amfiindia.com). The Company manages a comprehensive range of schemes to meet the varying investment needs of its investors spread over 230 cities in the country.
For any further information, please contact
Mitu Samar
Head – Corporate Communications
ICICI Prudential AMC
(M): 98 20061934
Email: mitu_samar ( @ ) icicipruamc dot com
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Statutory Details: ICICI Prudential Mutual Fund (the Fund) was set up as a Trust sponsored by Prudential plc (through its wholly owned subsidiary namely Prudential Corporation Holdings Ltd) and ICICI Bank Ltd. ICICI Prudential Trust Limited (the Trust Company), a company incorporated under the Companies Act, 1956, is the Trustee to the Fund. ICICI Prudential Asset Management Company Ltd (the AMC). a company incorporated under the Companies Act, 1956, is the Investment Manager to the Fund. ICICI Bank Ltd and Prudential Plc (acting through its wholly owned subsidiary namely Prudential Corporation Holdings Ltd) are the promoters of the AMC and the Trust Company. Risk Factors: Mutual Funds and securities investments are subject to market risks and there is no assurance or guarantee that the objectives of the Schemes will be achieved. As with any securities investment, the NAV of the Units issued under the Schemes can go up or down, depending on the factors and forces affecting the capital markets. Past performance of the Sponsors, AMC/Fund does not indicate the future performance of the Schemes of the Fund. The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes beyond the contribution of an amount of Rs.22.2 lacs, collectively made by them towards setting up the Fund and such other accretions and additions to the corpus set up by the Sponsors.
ICICI Prudential Asset Management Company Limited (including its affiliates), the Mutual Fund, The Trust and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any manner. The recipient alone shall be fully responsible/are liable for any decision taken on this material.
CRISIL’s Disclaimer: A CRISIL rating on a bond fund reflects CRISIL's current opinion on the degree of protection offered by the rated instrument from losses related to credit defaults. It does not constitute an audit by CRISIL of the fund house, the scheme, or companies in the scheme’s portfolio. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell or hold the rated scheme: it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATING DESK at CRISILratingdesk ( @ ) crisil dot com, or at (+91 22) 6691 3001 - 09.
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