Hot market prompts InCred to shut multi-cap AIF, return money
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InCred Asset Management has decided to shut one of its equity products, India Value Growth Fund I, and return money to investors, two months before the fund's maturity, amid growing worries about the overheating equity market. The asset manager, owned by fiinancial services firm InCred, led by former senior Deutsche Bank executive Bhupinder Singh, said n a note to clients, it was booking profits in the fund and is handing back ₹80 crore it managed citing elevated risks of significant fluctuations in the market. "This decision is driven by the current market conditions, which are at an all-time high, presenting a level of volatility and uncertainty that warrants caution," said the InCred note to its clients. The practice of returning client money by asset managers on account of challenging market conditions is uncommon in India. Mutual funds usually restrict flows into equity schemes at such times. India Value Growth Fund I, ...