Mutual Funds

DBS Chola Launches Fixed Maturity Plan Series 11; NFO Closes August 28

DBS Chola MF has announced the launch of DBS Chola Fixed Maturity Plan Series 11 (13 months) in the Indian market.

The fund is a close ended income scheme with an objective to generate regular returns and capital appreciation by investing in debt (including securitized debt), Government and Money Market securities maturing in line with time profile of the respective plans.

The Benchmark for the fund will be Crisil Short Term Fund Index.  

The minimum investment amount will be Rs 10,000 and in multiples of Re. 1 thereafter. For the institutional plan, the minimum application amount is Rs 1 crore and in multiples of Re. 1 thereafter.

Fidelity launches its first Fixed Maturity Plan; offer closes on August 27

Fidelity launches its first Fixed Maturity Plan; offer closes on August 27Fidelity Asset Management Company, the Indian unit of Fidelity International, has announced the launch of its first Fixed Maturity Plan (FMP) named 'Fidelity Fixed Maturity, Series 1 - Plan A' with duration of 370 days from the date of allotment of units. This scheme is a close-ended debt scheme with an objective to generate reasonable returns and reduce interest rate volatility primarily through investment in money market and short term debt instruments with a maturity profile generally in line with the Plan's duration.

HSBC Mutual Fund raises Rs 108 crore through ‘Fixed Term Series 61’

HSBC Mutual Fund raises Rs 108 crore through ‘Fixed Term Series 61’

HSBC Mutual Fund has informed that it has raised Rs 108 crore through HSBC Fixed Term Series 61 during its initial offer period. HSBC Fixed Term Series 61 is a close-ended income scheme. The issue opened for subscription on 17 July and closed on 23 July 2008.

The investment objective of the scheme is to seek decent returns by investing in a portfolio of fixed income instruments normally maturing in line with the time profile of the plan. The scheme may invest up to 100% in money market instruments including CBLO and reverse repo.

ING Investment rolls out Country’s first multi-manager global equity fund

ING Investment rolls out Country’s first multi-manager global equity fund
OptiMix division of the ING Investment Management  (India) Pvt. Ltd has launched India’s first multi-manager global commodity equity fund christened ‘ING Optimix Global Commodities’ in the Indian market.

Under the multi-manager concept, the fund will invest in the global commodity funds managed by some world renowned global asset management houses like Credit Suisse, First State Investment, JP Morgan, Martin Currie, Societe Generale and Investec.

IDBI to enter Mutual Fund Business; setup a credit information entity through a JV with CARE

IDBI to enter Mutual Fund Business
IDBI Capital Market Services, a subsidiary of IDBI Bank, plans to setup a credit information entity through a joint venture with credit rating agency CARE.

The new entity, which would also be a subsidiary of IDBI Bank, will be setup with a capital base of Rs 2 crore and both firms will hold 50% equity stake in it. The bank is presently waiting for the RBI approval to begin operations.

Apart from this, the bank is also planning to venture into the mutual fund business either alone or through a joint venture.

UTI-MNC Fund declares tax free dividend of 25%

UTI-MNC Fund, an open-ended equity scheme, has declared tax-free dividend of 25% (Rs 2.50 per unit on face value of Rs10/-).

Pursuant to the payment of dividend, the NAV of the dividend option of the scheme would fall to the extent of payout and statutory levy if any. The record date for the dividend is July 28, 2008.

UTI-MNC Fund was launched in April 1998. The objective of the scheme is to predominantly invest in equities and equity related instruments of Multinational Corporations and other liquid stocks.

SBI Mutual Fund declares dividend of 20% on ‘Magnum Comma Fund’

State Bank of India Mutual Fund has declared a dividend of 20 per cent under the dividend option of Magnum COMMA Fund, an open-ended equity scheme.    

The company said in a release that all investor registered under the dividend option of the scheme as on July 25, 2008 will receive this dividend.

The NAV under the dividend plan of the scheme as on July 21, 2008 was Rs 16.39. The record date has been fixed at July 25, 2008.     

However after the payment of dividend, the net asset value (NAV) of the scheme/option would fall to the extent of payout and statutory levy, if applicable.    

Magnum COMMA Fund was launched in June 2005. The last dividend announced by the scheme was of 15% in November 2006.

Principal MF, Bajaj Allianz Financial Distributors’ in tie-up

Principal Mutual Fund and Bajaj Allianz Financial Distributors have announced their alliance for distribution of Principal Mutual Fund's products.

Both companies did not divulge the financial details of their collaboration.

Commenting on the tie up, Mr. Sudipto Roy, Business Head of Principal Mutual Fund stated, “this partnership will help us enhance the accessibility of our products across the country. Distribution is crucial to the growth of mutual funds in the country.”

In order to provide holistic advice to customers, Bajaj Allianz working with its agency network to train a growing number of agents to be AMFI-certified.

Union Bank, KBC to form JV asset management company in India

Union Bank, KBC to form JV asset management company in IndiaState-run Union Bank of India, (UBI) has entered into an agreement with financial service company, KBC Asset Management NV, to form a joint venture asset management company in India.

KBC asset management NV is a wholly-owned subsidiary of KBC group of Belgium and has strong presence in central eastern Europe and Belgium.

As per the deal, Union Bank will hold 51% stake in the joint venture company, while the remaining 49% will be held by KBC.

Bharti AXA to launch its two fixed income funds on July 9

Bharti

Bharti AXA Investment Managers will launch its two fixed income funds christened, Bharti AXA Liquid Fund and Bharti AXA Treasury Plus on July 9, 2008.

The funds will be open for initial subscription till July 14.

This is the first offering from Bharti AXA, which is a joint venture between AXA Investment Managers, AXA Asia Pacific Holdings, and Bharti Ventures.

Bharti AXA Treasury Plus does not have an entry load but an exit load of 0.25 per cent if the investment is redeemed within seven days of allotment. While Bharti AXA Liquid Fund has neither entry load nor exit load.

DBS Chola launches ‘FMP-Series 9’

DBS Cholamandalam Asset Management has announced the launch of its close-ended income scheme, DBS Chola Fixed Maturity Plan-Series 9 (13 months plan).  

The fund is a close ended income scheme with an objective to generate regular returns and capital appreciation.

The fund would offer redemption facility on the maturity date without the payment of any load. Redemptions before the maturity date will be subject to 2 % exit load.

The new fund offer opens for subscription on June 18th, 2008 and will close for subscription on 26th June, 2008.

Ansal Properties’ arm gets investment of $ 55 million from HDFC AMC

HDFC Asset Management Co (HDFC AMC) has informed that it has made an investment worth US$ 55 million in Ansal Hi-Tech Townships, a subsidiary of the New Delhi-based property developer, Ansal Properties & Infrastructure (API), for a minority stake in the project.

Ansal Hi-Tech Townships, a special purpose vehicle (SPV), is building a 2,500- acre modern township with a developable area of 75 million sq ft in Greater Noida in the National Capital Region.

Presently, the project is in the land acquisition stage and is expected to be completed in the next 6-7 years. Ansal is expecting a turnover of Rs 26,000 crore from the project and expects to invest over Rs 12,000 crore in the project.

DSP Merrill inks pact with South Indian Bank

Leading asset management company DSP Merrill Lynch Fund Managers and South Indian Bank have entered into a strategic partnership for distribution of products.

Under the agreement, South Indian Bank will distribute DSP Merrill Lynch Mutual Fund schemes through its selected branches spread across the country.

Presently, South Indian Bank has got 503 branches and 229 ATMs across 23 states.

According to market experts, the strong presence of SIB in South India would make distribution of MF more effective in the Southern cities. The technological advancement of SIB has also been considered as added boon to its retail and corporate customers for direct investment in MF through net banking.

Geojit inks pact with UTI Mutual Fund; to offer Retirement Solutions

Geojit inks pact with UTI Mutual Fund
Geojit Financial Services has informed that it has entered into an agreement with UTI Mutual Fund. Under the deal, Geojit Financial Services will offer UTI Retirement Benefit Pension Fund to its employees as a retirement solution.

As per the agreement, every month employees will contribute a minimum amount of Rs 500/- towards

UTI-Retirement Benefit Pension Fund up to the age of 55 years so as to enable them to receive pension in the form of periodical income / cashflow after they reach the age of 58 years.

Birla Sunlife rolls out its new ULIP insurance plan ‘Platinum Plus’

Birla Sunlife Insurance, has launched a new insurance product christened Platinum Plus, which offers Guaranteed Maturity Unit Price to its policy holders.

According to the company, Birla Sun Life Insurance Platinum Plus is a short pay, medium-term unit linked insurance plan, which aims to reduce the investment risk and optimize the returns.

The main objective of Platinum Plus Fund I is to optimize the participation in an actively managed well-diversified equity portfolio of fundamentally strong blue chip companies while using the debt instruments and derivatives to lock-in capital appreciations.

Bajaj Finserve to list on bourses on May 26; plans to enter AMC biz

Bajaj Finserve, Rahul Bajaj's new firm, will be listed on the bourses on Monday (May 26, 2008). Bajaj Finserve comprises of financial services and wind farm businesses of Bajaj Auto and has a significant presence in insurance, consumer finance and distribution space.

Apart for this, it has been learnt that Bajaj Finserve is mulling an entry into the mutual fund business, for which Bajaj group is in talks with Allianz group.

In the proposed asset management company (AMC) venture, the Allianz group will pick up a majority 51 per cent stake while three unnamed banks will pick up to 3 percent stake each. The balance 40 percent stake will be held by Bajaj Finserve.

Lotus India AMC launches “Banking Fund”, NFO opens on May 19

Lotus India AMC launches “Banking Fund”, NFO opens on May 19
Lotus India Asset Management Company (Lotus India AMC), has launched Lotus India Banking Fund, an Open-Ended Banking Sector Fund in the Indian market.

The investment objective of the Scheme is to generate long-term capital growth from a portfolio of equity and equity-related securities of companies engaged in the business of banking and financial services.

Edelweiss Capital gets approval to start MF business

Edelweiss Capital gets approval to start MF business

Edelweiss Capital, one of the leading financial services company, has received the final regulatory approval from the market regulator, Securities and Exchanges Board of India (Sebi), to start its mutual fund business.

The registration has been granted to Edelweiss Mutual Fund and approval has been granted for Edelweiss Asset Management, to act as investment manager to Edelweiss Mutual Fund.

Indian Bank inks pact with Reliance Capital Asset Management

Indian Bank

Indian Bank has informed that it has inked an agreement with Anil Dhirubhai Ambani Group’s Reliance Capital Asset Management Ltd, to act as a Corporate Agent to sell the Mutual Fund products of Reliance Mutual Fund.

Under the Agreement, branches of Indian Bank will sell Mutual Fund products of Reliance Mutual Fund.

The Agreement was signed on April 30, 2008 at Chennai by M S Sundara Rajan, Chairman and Managing Director of Indian Bank and Vikrant Gugnani, CEO of Reliance Mutual Fund, in the presence of A Subramanian, Executive Director of the Bank.

Reliance Mutual Fund Achieves A New Milestone

Reliance Mutual Fund, owned by the Anil Ambani controlled Reliance Reliance Mutual FundCapital, has achieved the coveted milestone by notching up Rs 1 lakh crore of assets under its management this April.

Reliance Mutual Fund is the first mutual fund in India to cross this mark. The recent turmoil in the market has not affected the company’s fund mobilization capability.

On April 30, the total assets under management (AUM) of the fund was Rs 1,00,812 crore, including Rs 34,000 crore in equity schemes and Rs 66,800 crore in debt funds (liquid and fixed maturity plans).




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