UTI Mutual Fund, the country's oldest fund house has introduced ‘UTI Fixed Term Income Fund Series V-VIII’, a close-ended income scheme in the market.
The investment objective of the scheme is to generate regular returns by investing in portfolio of fixed income securities normally maturing in line with the maturity period of the plan.
The scheme will invest up to 5-100% in debt including securitized debt and 0-95% in money market instruments. The scheme may invest up to 100% in the securitized debt.
State Bank of India (SBI), India's largest commercial bank has signed a Joint Venture pact with Macquarie Group and International Finance Corporation (IFC).
Under the arrangement, both foreign partners will help the lender in the set up and management of an Infrastructure Private Equity Fund for investing in Indian Infrastructure projects and Companies.
However, the fund will be operational on receipt of requisite regulatory approvals. The JV agreement is based on the earlier MOU signed on April 16, 2008.
Reliance Mutual Fund, Country's No 1 fund house, has launched 'Reliance Fixed Horizon Fund- X-Series 8', a close-ended income scheme in the market. The face value of new issue is Rs 10 per unit.
The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/debt securities normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility.
UTI Mutual Fund, the country's oldest fund, has launched its unique 'UTI Wealth Builder Fund-Series II', an open ended equity oriented scheme in the Indian market.
UTI claims that UTI Wealth Builder Fund-Series II is the first of its kind in the mutual fund industry to offer asset allocation which combines traditional as well as non- traditional asset class i.e. Equity and Gold.
HSBC Mutual Fund, one of the premier asset management companies in India has launched ‘Fixed Term Series 68’, a close-ended income fund in the Indian market.
The face value of the fund is Rs 10 per unit and the new fund offer period (NFO) for subscription will be from 6 October to 13 October 2008.
The benchmark index of the scheme is Crisil Liquid Fund Index, which will mature in 3 months from the date of allotment.
Despite of tight liquidity conditions, Taurus Mutual Fund, one of the oldest mutual funds in the country has successfully collected over Rs 100 crore through its first one month Fixed Maturity Plan (FMP) issue.
The AMC claims that the issue managed to attract funds largely due to the relationship it has built with the investors. Taurus's FMP issue received good response between September 23 and 25.
The liquidity crunch can increase due to high demand of cash for Dussera and the auction of government securities worth Rs 17,000-crore. The banks have already cut the lending and MFs are interested to access overnight funds from RBI like the other banks.
Various funds houses also discussed the situation and met with the deputy governors of the Reserve Bank.
A CEO of a leading fund house said that fund houses should be allowed to raise money through repo transactions with banks and financial institutions.
The Insurance Regulatory and Development Authority (Irda) asked the Life Insurance Council to revise its decision regarding group covers on mutual fund (MFs) products. The Life Insurance Council is a self-regulatory body of insurers to represent the insurance firms. The regulatory body described the decision as very injudicious and unfair. The Chairman of Association of Mutual Funds in India, A P Kurian termed the decision as unilateral and demanded its early revision. It is recalled that some life insurance companies have ended the system of bundling on a host of financial products.
UTI Mutual Fund¸ the country's oldest fund, has launched ‘UTI Fixed Income Interval Fund Series II Quarterly Interval Plan VII’ in the Indian market.
The objective of the interval scheme is to generate regular returns by investing in a portfolio of fixed income securities normally maturing in line with the maturity period of the plan.
The scheme will have investment up to 10-100% in money market instruments and offers two plans i.e. retail and institutional plan along with growth and dividend options.
The minimum investment amount under retail plan 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.
UTI Mutual Fund is all set to open around 200 branches across the country by March, next fiscal.
The company aims to further expand its distribution network from 97 UTI Financial centers to 200 centers covering around 422 districts.
According to the company, it will open new UTI Financial Centre in Anantnag, Baramulla, Doda, Jammu, Kathua, Kupwara, Kargil, Ladakh, Poonch, Pulwama, Rajouri, Srinagar and Udhampur, to focus on service sector in Jammu and Kashmir.
New York, Sept. 26 : US federal regulators have seized assets of Washington Mutual, the giant lender, and sold some of it in a bid to arrest the meltdown on Wall Street.
Regulators brokered an emergency sale of virtually all of Washington Mutual — the nation’s largest savings and loan, with $307 billion in assets — to J P Morgan Chase, reports the New York Times.
The move came as lawmakers were stalemated over the passage of a 700 billion dollar bailout fund meant to help ailing banks, and removes one of America’s most troubled banks from the financial landscape while mitigating another potentially huge taxpayer bill for the rescue of another failing institution.
Shareholders and some bondholders will be wiped out.
Private sector insurer Aviva Life Insurance has launched ‘IndiaBond’, a single premium, endowment plan with guaranteed maturity benefits to provide prosperity and peace of mind to its policyholders.
The plan offers a compounded return of 7% per annum on maturity, depending upon the policy term and the Single Premium amount.
Principal Mutual Fund has launched the ‘Principal Emerging Bluechip Fund’, in the Indian market.
The fund is an open ended equity scheme with primary objective to achieve long-term capital appreciation by investing in equity and equity related instruments of mid cap and small cap companies.
The fund is open for subscription from September 22, 2008 till October 10, 2008
For the purpose of maintaining liquidity or tap market opportunities the fund’s portfolio may also include large cap stocks. The Scheme will offer Growth Option and Dividend Option.
Birla Sun Life Asset Management Company has rolled out a commodity focused fund in the Indian market.
This will be the first commodity-focused fund from Birla Sun Life AMC. The primary investment objective of the scheme is to provide long term capital appreciation by investing in securities of domestic and overseas commodity firms.
Principal Mutual Fund (MF) has informed that the company has linked up with India’s leading public sector lender, United Bank of India for distribution of its products through the bank`s branch network.
Principal Mutual Fund has made announcement that the company has inked an alliance deal http://www.topnews.in/files/Principal-Mutual-funds.jpg " alt="Principal Mutual Fund Joins Hands With United Bank Of India" title="Principal Mutual Fund Joins Hands With United Bank Of India" width="103" height="93" align="left" />with United Bank of India, a leading public sector bank, for distribution of its products through the bank’s branch network.
Taurus Mutual Fund, one of the oldest mutual funds, has entered into a product distribution tie up with Bajaj Allianz Financial Distributors Limited (BAFDL).
Under this agreement, Bajaj Allianz would distribute all products of Taurus fund through its 5500 strong agency force. Further the company would also employ three lakh existing insurance agents in this partnership.
The Taurus Asset Management Company Ltd, incorporated in 1994, has at present around Rs 398 crore of assets under management and investor base of approximately 1.65 lakh.
Principal Mutual Fund (formerly known as IDBI-Principal Mutual Fund) has entered into an alliance with The Shamrao Vithal Co-operative Bank for distribution of its products through the bank’s branch network.
Over the years, Principal Mutual Fund has developed a strong expertise in the bancassurance space by working closely with its Channel Partners, and its look forward to sharing these learning skills and best practices with The Shamrao Vithal Co-operative Bank.
The alliance will help bank to distribute world-class products and also enable it to serve its customers better.
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 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.