Mutual Funds

MFs To Launch Schemes To Invest Overseas

Mumbai: Planning to launch schemes that invest overseas, Mutual funds are likely to get a lot more freedom in terms of investment options and limits. The government and financial sector regulators are working collectively to liberalise the norms that govern mutual funds. Likely to be finalized soon, the proposal envisages giving fund managers a lot more overseas investment options including debt securities not below the investment grade and possibly derivatives.

HDFC Closes First International Realty Fund At $800 Mn

HDFC BankMumbai: The Housing Lender HDFC today announced closure of its first sponsored HDFC International Real Estate Fund (HIREF) at $800 million, which would be invested in FDI-compliant Indian real estate plans.

According to a company release, the fund makes HDFC the biggest player in the realty private equity space in India.

One of the prime international realty pools, the nine-year close-ended fund, which was open only to foreign investors had been privately placed and subscribed by 28 investors.

Reliance Mutual Fund Plans NFOs

Reliance Mutual FundSensex has missed 1,600 points from its highest level and ratings have descended to 17 times profits from a high of 21 times and lots of brokerage houses consider it is a beneficial time to buy.

Mutual funds do not want to ignore this chance moreover. According to sources, Reliance Mutual Fund is all set to initiate novel funds worth Rs 8,000-Rs 12,000 crore shortly.

SBI Funds, Dena Bank Tie-Up

Dena BankMumbai: SBI Funds Management Pvt Ltd has tied up with Dena Bank to increase the fund’s reach.

The memorandum of understanding (MoU) was signed between Syed Shahabuddin, Managing Director and Chief Executive Officer, SBI Mutual Fund, and U.S. Kohli, Executive Director, Dena Bank.

“The tie up with Dena Bank is prestigious as our quality products would now be available to the bank’s customers across the country,” Mr. Shahabuddin stated.

As of July 31, 2007, the total assets under management of SBI Mutual Fund stood at Rs 25,862 crore. Dena Bank has a total network of more than 1,100 divisions and satellite offices.

SBI Mutual Fund Achieves a new Milestone

SBI Mutual FundMumbai: SBI Mutual Fund has crossed Rs 20,000-crore mark in assets under management (AUM) as on 30 June, 2007.

According to a release the AUM of SBI MF stood at Rs 20,272 crore as on June 30 and it is placed sixth among existing fund houses. SBI Mutual funds Achieves Milestone

While commenting on the milestone achieved Syed Shahabuddin, Managing Director and CEO, SBI Mutual Funds stated, “SBI Mutual Fund's excellent run is a reflection of the fund house's ability to understand the needs of investors and introduce products suited to their needs.”

SBI MF has an investor base of over 35-lakh spread over 40 schemes.

Reliance Mutual Gets Back On Track

Reliance Mutual FundThe fight for the leading outlook in the mutual fund business started again in March, with Reliance Mutual repossessing the peak it had gave up to Prudential ICICI.

As on March 31, 2007, Reliance Mutual’s assets under management (AUM) stood at Rs 46,307 crore, whereas Prudential ICICI was ranked second at Rs 37,870 crore.

Bajaj, Allianz Signs Up 50-50 Partnership For MFs, Loans

Bajaj AllianzBajaj Auto and Allianz annunciated the partnership plan for distributing credit cards, mutual funds, home loans and personal loans.

Unlike the former joint ventures for their insurance business, the novel partnership plan is a 50-50 partnership between the two companies.

The company-Bajaj Allianz Financial Distributors will have a paid up capital of Rs 2.4 crore. It will allocate financial products of different asset management companies, banking and non-banking (financial) institutions.

The recently made venture is yet in discussions with parties and did not reveal the products it will be dealing out.

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