Mutual Funds 27th Feb 2008
- AIG MF launches Short Term Fund
- ABN Amro adds dividend option for its interval plan
- ABN Amro MF declares dividend
- Birla Sun Life MF declares dividend
- ING MF declares dividend
- Franklin Templeton MF declares dividend
- JM Financial MF changes Fund Manager
- ING MF launches ING FMF- Series XXXV
- ING MF files an offer document with SEBI
- Kotak MF declares dividend under quarterly interval plan
- Kotak MF revises minimum purchase amount
- Mirae Asset MF launches new Liquid Fund
- Religare skips race for StanChart AMC
AIG MF launches Short Term Fund
AIG Mutual Fund launched AIG Short Term Fund. The primary objective of the scheme is to seek to generate income from a portfolio constituted of short to medium term debt and money market securities. The fund will invest up to 40%-100% in debt and money market securities with maturity less than equal to 370 days or have put options within a period not exceeding 370 days. It will have investment of 0-60% in debt instruments including government securities, corporate debt and other debt instruments with maturity greater than 370 days.
ABN Amro adds dividend option for its interval plan
ABN Amro Mutual Fund has announced that investors of ABN Amro Interval Fund-Monthly Plan A may get an additional dividend option viz. calendar monthly dividend option with effect from forthcoming interval period. ABN Amro Interval Fund-Monthly Plan A seeks an investment objective to generate steady returns through investments made in a basket of fixed income securities, with a provision to offer liquidity at periodic interval.
ABN Amro MF declares dividend
ABN Amro Mutual Fund has announced 29 February 2008 as the record date for declaration of dividend under dividend option of ABN Amro Tax Advantage Plan-ELSS. The quantum of dividend is 20% i.e. Rs. 2.00 per unit on the face value of Rs. 10. The NAV for the scheme was Rs. 15.055 as on 22 February 2008. ABN Amro Tax Advantage Plan-ELSS is a open-ended scheme offering an investment objective to generate long-term capital growth from a diversified and actively managed portfolio of equity and equity related securities along with income tax rebate, as may be prevalent from time to time.
Birla Sun Life MF declares dividend
Birla Sun Life Mutual Fund has declared the declaration of dividend on the face value of Rs 10 per unit for Birla Sun Life Quarterly Interval Fund-Series 2. The record date is set as 28 February 2008. The fund house has decided to distribute 100% of surplus available under option as on record date. The NAV for the scheme was Rs. 10.2077 as on 21 February 2008. Birla Sun Life Quarterly Interval Fund-Series 2 is an interval income fund that seeks to generate regular income through investments in debt and money market instruments.
ING MF declares dividend
ING India Mutual Fund has announced 29 February 2008 as the record date for declaration of dividend under dividend option of ING Domestic Opportunities Fund. The quantum of dividend is 30% i.e. Rs. 3.00 per unit on the face value of Rs. 10. The NAV for the scheme was Rs. 16.29 as on 21 February 2008. ING Domestic Opportunities Fund is a open-ended scheme offering an investment objective to provide long-term capital appreciation from a portfolio that is primarily invested in companies which derive a significant proportion of their revenues from the domestic Indian market place / economy.
Franklin Templeton MF declares dividend
Franklin Templeton Mutual Fund has announced the declaration of dividend on the face value of Rs 10 per unit for Templeton Quarterly Interval Plan- Plan B. The record date is set as 29 February 2008. The fund house has decided to distribute 100% of surplus available under option as on record date. Templeton Quarterly Interval Plan- Plan B is an interval income fund that seeks to generate returns and reduce interest rate volatility, through a portfolio of fixed income securities.
JM Financial MF changes Fund Manager
JM Financial MF approved the following change in the fund manager in the following the schemes:
Mr Sandeep Neema will be the fund mangers for JM Agri and Infra Fund; and Mr Sanjay Chhabaria for JM balanced Fund.
ING MF launches ING FMF- Series XXXV
Name of Fund: ING FMP- Series XXXV
Scheme: ING Fixed Maturity Fund Series XXXV is a close-ended bond scheme offering an investment plan of 93 days maturity. The scheme shall mature on 30 May 2008.
Objective: The scheme will be investing in a portfolio of government securities or highly rated corporate bonds maturing close to the maturity of the scheme so as to generate returns comparable with alternative fixed-income instruments of similar maturity. The scheme will invest in debt securities with maturity coinciding closely with the maturity of the scheme, so as to minimise the impact of price fluctuation of such securities and the value at maturity.
Fund Opens: 25 February 2008
Fund closes: 27 February 2008
Face Value: Rs 10 per unit
Investment Options: The scheme provides two plans i.e. retail and institutional plan with a sub-option of growth, dividend and bonus.
Asset allocation: The scheme shall invest up to 100% in debt securities and money market instruments including call money and reverse repo. The debt securities may include securitised debt up to 100% of the net assets. The investments in derivatives instruments shall be to a maximum of 50% of the net assets of the scheme.
Entry load: The scheme does not charge an entry load as it is of close-ended nature.
To provide liquidity to investors, the fund proposes to provide repurchase facility in the scheme on 28 March 2008, 27 April 2008, and 29 May 2008. If repurchase request is submitted after 28 February 2008 and on or before 29 May 2008, the scheme may levy 1% as Contingent Deferred Sales Charge (CDSC).
Minimum Investment Amount: The minimum investment amount is Rs 5,000 and in multiple of Re 1 thereafter. Under institutional plan, the minimum investment amount is Rs 1 crore in multiple of Re 1 thereafter.
Minimum subscription amount: Rs 1 lakh
Benchmark index: CRISIL Liquid Fund Index
Fund Manager: Mr. Prashant Singh
ING MF files an offer document with SEBI
Name of Fund: ING Fixed Maturity Fund- Series 43 to 46
Scheme: The scheme is a close-ended bond scheme.
Objective: The investment objective of the scheme is to generate returns comparable with alternative fixed-income instruments of similar maturity and to minimize the impact of price fluctuation of debt securities on the value at maturity.
Investment options: This close-ended bond scheme has two plans i.e. retail & institutional plans. Investors under the Scheme may choose between a growth option and dividend option.
Asset Allocation: The scheme will invest 100% of its portfolio in debt securities and money market instruments including call money and reverse repo. The debt securities may include securitised debt up to 100% of the net assets. The investments in derivatives instruments shall be to a maximum of 50% of the net assets of the scheme.
Face Value: Rs 10.
Entry Load: There will be no entry load charged for the scheme as the scheme is a close ended.
Exit Load: The scheme charges an exit load of 1% if units are redeemed on or before the 30th day from the date of allotment to 90th day i.e. on the date of maturity.
Minimum Investment Amount: The minimum investment amount under retail plan is Rs.5000 and in multiples of Re.1 thereafter. For institutional plan the minimum investment amount is Rs 1 crore and in multiple of Re 1 thereafter.
Benchmark index: CRISIL Liquid Fund Index
Fund Manager: Mr. Prashant Singh
Kotak MF declares dividend under quarterly interval plan
Kotak Mutual Fund has announced 3 March 2008 as the record date for declaration of dividend under dividend option of Kotak Quarterly Interval Plan Series 4.
The fund house has decided to distribute 100% of surplus available as on record date. The NAV for the scheme was Rs. 10.1474 as on 25 February 2008.
Kotak Quarterly Interval Plan Series 4 is an interval debt fund. The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk.
Kotak MF revises minimum purchase amount
Kotak mutual fund has announced the change in the minimum purchase amount under regular plan of Kotak Mahindra Bond Unit scheme 99.
According to the announcement, the fund has raised its minimum purchase amount from Rs 1000 to Rs 5 lakh with effect from 3 March 2008.
Kotak Mahindra Bond Unit scheme 99 is an open-ended debt scheme. The investment objective of the scheme is to create a portfolio of debt instruments of different maturities so as to spread the risk across a wide maturity horizon and different kinds of issuers in the debt market.
Mirae Asset MF launches new Liquid Fund
Name of Fund: Mirae Asset Liquid Fund
Scheme: It is an open ended liquid scheme.
Objective: The primary investment objective of the scheme is to seek to generate reasonable returns with low volatility and higher liquidity through a portfolio of debt and money market instruments. The scheme does not guarantee any returns.
Fund Opens: 27 February 2008
Fund Closes: 3 March 2008
Face Value: Rs 1000 per unit.
Investment Options: The scheme will have super institutional, institutional and regular plans. The scheme offers growth, bonus and dividend option under each plan.
Dividend frequency: The scheme offers dividend with facility of dividend reinvestment on daily, weekly and monthly dividend. It also offers dividend transfer and monthly dividend payout option.
Entry Load:The scheme will not charge any entry load and exit load during the initial offer.
Asset Allocation: The scheme invest 0-100% in money market instruments. It may have investment of 0-100% in debt instruments with residual maturity and re-pricing tenor not exceeding 1 year. The scheme may have exposure up to 50% of the net assets in securitised debt. Debt instruments include securitized debt up to 50% of net assets. The scheme may invest in derivatives up to 50% of the net assets of the scheme. In addition, the scheme may also invest in foreign securities up to 25% of net assets of the scheme.
Minimum Investment Amount: The minimum investment amount under regular plan is Rs 5000 and in multiple of Re 1 thereafter. Under institutional plan, the minimum investment amount is Rs 1 crore and in multiple of Re 1 thereafter. The minimum investment amount under super instituinal plan is Rs 10 crore and in multiple of Re 1 thereafter.
Benchmark Index: CRISIL Liquid Fund Index
Fund Manager: Mr. Murthy Nagarajan
Religare skips race for StanChart AMC
Religare Enterprises the financial services holding arm of the promoters of Ranbaxy has decided to drop out of the race for Standard Chartereds mutual fund business in India. It has decided instead to concentrate on building its presence organically with its Dutch joint venture partner Aegon.
The financial services company has also decided not to pursue GE Moneys consumer lending business, which is up for sale.
StanCharts asset management business was put up for sale last year and Swiss banking major UBS had finalised a deal worth $120 million to acquire the business. However, this deal came unstuck as UBS didnt get the mandatory approvals from Indian authorities.
Religare was among the list of firms which were formally in the race for StanCharts mutual fund business. But after evaluation, the management felt it could do a better job by investing the same money to grow the business on its own.
In July 2006, Religare formed a 50:50 JV with Hague-headquartered insurance and financial services major Aegon Religare Aegon Asset Management Company. This was in addition to its life insurance joint venture with Aegon. The asset management JV has already received an in-principle approval from the market regulator SEBI.
As per reports, the valuation of StanCharts mutual fund business has gone up significantly since UBS bid for it. Some estimates peg the revised value close to $200 million, about 66% more than the previous deal value. This is despite the bearish undertone in the equity markets.
StanCharts assets under management is more than $3 billion, a third of which or about $1 billion is in equities. The balance is through debt mutual fund schemes.
Religare already has a non-banking finance company, Religare Finvest, which is at present engaged in providing personal credit through loans against shares and other personal loans apart from distribution of mutual funds, wealth management, IPO financing and corporate finance services.
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