Mumbai, Nov 29: Morgan Stanley Growth Fund (MSGF) in India, a close ended equity oriented fund will soon Open end from January next year.
Company sources here said under the new scheme, MSGF will be converted into an open-ended fund after completion of the exit option period. Consequently, the feature of trading in MSGF on the respective stock exchanges will not be available, and subscriptions/redemptions will be entertained by Morgan Stanley Mutual Fund (MSMF) at NAV based prices, a company statement said here.
The unit holders of MSGF will be given an option to redeem the fund at NAV without any exit load.
''Open ending MSGF will provide unit holders an opportunity to continue with their investments and offer them advantages associated with an open ended fund,'' Morgan Stanley Investment Management (MSIM) Chief Executive Officer Anthony Heredia said.