Mutual Funds

LIC Housing to sell its 19.3% stake in LIC MF to Nomura for Rs 138 crore

LICHF Leading mortgage financer, LIC Housing Finance plans to sell 19.3% of its stake in LIC Mutual Fund Asset Management Company (LIC MF AMC) to Japan's Nomura for about Rs 138 crore (US$29mn).

The deal is considered as a part of company's strategy to sell its 35% stake in LIC MF AMC to Nomura by stakeholders.

Presently, LIC Housing holds 39.3% stake in LIC Mutual Fund AMC. Post offloading, the company will hold 20% stake in it, while the balance stake will remain with Nomura.

Kotak Mahindra inks ‘Distribution Pact’ with Bank of Baroda

Kotak Mahindra inks ‘Distribution Pact’ with Bank of BarodaKotak Mahindra Asset Management Company, one of India’s leading mutual fund houses, has entered into a distribution tie-up with Bank of Baroda.

Under the agreement, Bank of Baroda will offer the entire bouquet of Kotak Mutual Fund products from the bank’s branches.

Kotak AMC claims that with this tie-up, customers will gain easy access to company’s various schemes at the branches where they do their banking transactions. Therefore, the tie-up would help both partners in leveraging synergies and creating value for customers.

UTI Mutual Fund declares bonus on its ‘Top 100 Fund’

UTI Mutual Fund declares bonus on its ‘Top 100 Fund’UTI Mutual Fund, one of the top performing mutual fund investment company in India managed by UTI Asset Management Company Private Limited, has announced a bonus to its investors, under its 'UTI Top 100 Fund' scheme.  

The bonus has been declared in the ratio of 1 unit for every 1 unit held of face value of Rs 10 each, under dividend and growth option.

Reliance MF all set to launch ‘Islamic Fund’ in Malaysia

Reliance MF all set to launch ‘Islamic Fund’ in MalaysiaReliance Mutual Fund, promoted by the Anil Dhirubhai Ambani (ADAG) group, has decided to launch an `Islamic fund' in Malaysia.

For the purpose, the company would set up a subsidiary and will launch an Islamic fund soon in the market.

A company official, who was familiar with the latest development informed that the objective of such funds is to make hundreds of rich and religious Muslim people invest their money, who otherwise do not put money in interest-yielding instruments or non-Sharia compliant stocks.

"Mutual beneficial" relationship of termite-protozoa goes back 100 mln yrs

"Mutual beneficial" relationship of termite-protozoa goes back 100 mln yrsWashington, May 15 : The analysis of a termite entombed for 100 million years in an ancient piece of amber has revealed the oldest example of "mutualism" ever discovered between an animal and microorganism, namely protozoa.

The findings were made by George Poinar, an Oregon State University researcher and international expert on life forms found in amber.

Coffers enhanced by $1bn by Super Fund

Super fund

In the month of April the Super Fund posted an investment return of nearly 9%, enhancing its coffers by $1 billion.

From April 1 to May 5 the unaudited performance achieved, puts forward a $1.75 billion jump from the fund's lowest balance in mid-March.

Now the entire fund is up to $12.5 billion, before regaining its level of last August. Thus it has approximately $2 billion more to recover.

Super Fund chief executive Adrian Orr expresses that the result illustrates the futility of attempting to pick and act on short-term signals.

Investors protest to get their money back from ANZ

ANZ

After ING New Zealand froze its Diversified Yield Fund (DYF) and Regular Income Fund (RIF) in March 2008, nearly 8000 investors were left with no option to access $521 million.

It should be noted that many of these investors had invested their money into funds after they were advised to do so by ANZ investment advisers.

As of now, these investors are protesting to get their money back and in order to do so they have taken their procession to streets.

Canara Robeco MF launches ‘Dynamic Bond Fund’ in Domestic Market

Canara Robeco MF launches ‘Dynamic Bond Fund’ in Domestic MarketCanara Robeco Mutual Fund, a Joint Venture between Canara Bank and Robeco Group has announced the launch of Canara Robeco Dynamic Bond Fund, which is an open-ended debt Fund.  

The Fund aims to seek and generate income from a portfolio of debt and money market securities.  

The company will offer two plans like retail and institutional plan with growth, growth option will have automatic repurchase option. While, dividend option will further offers dividend payout and dividend reinvestment facility.  

Sector, Fund Activity & International Market Analysis for April 2009: Nirmal Bang

The markets showed immense strength on the back of more than 9% growth in March ending on a positive note gaining as much as 17.46% on Sensex & 15% on Nifty during the April month.

The rally was driven by strong FII inflows in the month of April coupled with quarterly & yearly results which were better than expected. Firm Global markets were amongst the other driving factors behind the huge rally which also saw Midcaps gaining 18.86% & Small caps gaining 21.38% both outperforming the benchmark indices.

Sector Analysis

Edelweiss launches ‘Diversified Growth Equity Fund’

Edelweiss Asset Management LimitedEdelweiss Asset Management Limited, the Investment Manager to Edelweiss Mutual Fund, has announced the launch of 'Edelweiss Diversified Growth Equity (E. D. G. E.) Fund' in the domestic market.

Edelweiss claims that this is the first diversified equity fund launched by the company and has a number of unique features to offer - some of which are industry firsts.

The Fund offers three investor-friendly plans namely, Plan A, Plan B and Plan C with varying entry, exit loads and expense ratios, to cater to various investor segments.

Bank of Rajasthan signs ‘Partnership Deal’ with DBS Cholamandalam

Bank of Rajasthan signs ‘Partnership Deal’ with DBS CholamandalamBank of Rajasthan, one of the oldest, fastest growing, technology driven and customer friendly private sector bank, has informed that it has tied up an alliance with DBS Cholamandalam Asset Management Ltd, to qualitatively enhance its reach in the category of mutual fund investors across the country.

According to a senior official, the tie-up is intended to fulfill the investment needs of Bank of Rajasthan customers, by helping them to reach their financial goals.

SBI-Macquarie announce infrastructure fund MSIF; aim to raise 3 billion this year

SBI-Macquarie announce infrastructure fund MSIF; aim to raise 3 billion this year The Macquarie-SBI Infrastructure Fund (MSIF) is the newly-announced joint venture of India's biggest lender State Bank of India (SBI) and the largest Australian investment bank Macquarie Group Ltd., which has raised $1 billion for investment in ports and power plants in India.

The SBI-Macquarie joint venture MSIF also boasts of the participation of the International Finance Corporation (IFC), the private sector lending arm of the World Bank, as a minority shareholder and keystone investor.

Bharti working its way out of its mutual funds tie-up with AXA

BhartiWith Bharti AXA Investment Managers failing to make much of an impression in the market, Bharti Enterprises is working its way out of the mutual fund joint venture with the French biggie AXA, almost after a year of the registering of the asset management company. The fund, which started its operations in July 2008, had assets under management of Rs 186 crore as of February 2009.

The Bharti decision to exit Bharti AXA Investment Managers - in which Bharti Ventures has a 25 percent stake, while AXA Investment Managers Asia Holdings holds the remaining 75 percent - will not affect its affiliation with AXA in the sphere of life insurance and general insurance.

Bharti AXA collects Rs 20 crore through its ‘Regular Return Fund’

Bharti AXA collects Rs 20 crore through its ‘Regular Return Fund’ Bharti AXA Mutual Fund, one of the leading mutual fund house, has notified that it has collected Rs 20 crore via Bharti AXA Regular Return Fund, an open-ended income scheme during their initial offer period from 28 January to 26 February 2009.

The scheme aims to generate regular income through investments in fixed income securities and also to generate long term capital appreciation by investing a portion in equity and equity related instruments.

The performance of the scheme will be benchmarked against CRISIL MIP Blended Index.

MF agents want fee via forms, not cheques

Sebi seeking public comments on the same

The deadline for sending suggestions on variable entry load or fee for mutual fund agents is drawing closer and the responses so far are skewed toward one side.

Earlier, Securities and Exchange Board of India (Sebi), the country's capital markets regulator, had mooted a proposal to allow mutual fund investors to mention the commission or fee that they would like to pay the advisor or agent, thus trying to bring transparency.

Average AUM for Indian Mutual funds increase 8.68% in Feb. 2009: AMFI

Association of Mutual Funds in IndiaThe average asset under management (AUM) of country's mutual fund industry increased 8.68% from Rs 4,609,489.97 million to Rs 5,009,733.79 million for the month ended Feb 28, 2009.

The data about 35 fund houses published by Association of Mutual Funds in India (AMFI) shows that twenty three fund houses reported growth while 12 reported fall in their assets during the reporting period.

Fidelity launches ‘Wealth Builder Fund’ in Domestic Market

Fidelity launches ‘Wealth Builder Fund’ in Domestic MarketFidelity International has announced the launch of its Fidelity Wealth Builder Fund, an open ended fund of funds scheme offering asset allocation options with three Plans, in the Indian market.

The investment objective of the fund is to generate reasonable returns based on the Plan selected with minimum and maximum asset allocation between debt and equity.

The company stated in a press release that the fund manager will use a two-tier investment approach i. e. asset allocation and fund selection to invest in Fidelity's funds.

AUMs Reported 4% Growth In Dec

Assets under management (AUMs) Assets under management (AUMs) of Indian mutual funds have shown an increase of 4 per cent in December 2008. AUM had been declining since last three months according to the data released by the AMFI. The growth is caused following good performance of income funds. AUM of the mutual fund industry stands at Rs 4,18,336 crore as on December end as compared to Rs 4,02,029 crore in November 2008.

UTI Asset Management Company Eager to Divest 26% Strategic Stake

UTI Asset Management Company Eager to Divest 26% Strategic StakeIndia's oldest mutual fund, UTI Asset Management Company (UTI AMC) is in advanced stages of discussions to divest 26 per cent to a strategic partner. The potential buyers are the US firm T Rowe Price, Shinsei Bank of Japan and two European firms. The buyer is expected to pay between Rs 1,500 crore to Rs 1,800 crore, which would value the AMC at between Rs 6,000 crore and Rs 7,500 crore.

Single Entity Exposure In Debt Funds Is Cause Of Concern: Crisil

Single Entity Exposure In Debt Funds Is Cause Of Concern: CrisilA majority of the debt fund schemes have single industry exposure in India which is a cause for concern for multidimensional investments. Single company or segment exposure of funds can be affected by redemption pressures. It is said by the rating agency, Crisil in its recent release.  




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