Mumbai, Feb 4 (PTI) Trust Mutual Fund, which entered the market last month, on Thursday said its maiden fund has raised Rs 582.68 crore.

The first day AUM after the closure of the banking and PSU debt fund was Rs 580.24 crore from over 500 investors spread across 44 locations, the fund house said.

The fund has seen wide participation from both institutional, corporate, family offices, HNIs and retail investors, it said.

The open-ended debt scheme will majorly invest in debt instruments of banks, public sector undertakings, public financial institutions and municipal bonds.

Sandeep Bagla, chief executive, said the overwhelming response reflects the confidence shown by investors in its robust methodology developed in partnership with Crisil, which aims to make the investment process in fixed income securities more systematic, transparent and objective.

Abhishek Dev, the chief business officer, said the success of this new fund offer demonstrates that there is space for new mutual funds that bring in differentiation for investors and partners.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)