Mutual Funds

US regulators seize Washington Mutual and sell some of its assets

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.

Aviva launches ‘IndiaBond’, an endowment plan with guaranteed maturity benefits

Aviva launches ‘IndiaBond’, an endowment plan with guaranteed maturity benefitsPrivate 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 rolls out ‘Bluechip Fund’ in domestic market

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 rolls out ‘commodity focused fund’

Birla Sun Life rolls out ‘commodity focused fund’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 MF Joins Hands With United Bank Of India

Principal Mutual Fund (MF) has informed that the company has linked up with Principal MF Joins Hands With United Bank Of IndiaIndia’s leading public sector lender, United Bank of India for distribution of its products through the bank`s branch network.

Principal Mutual Fund Joins Hands With United Bank Of India

Principal Mutual Fund has made announcement that the company has inked an alliance deal Principal Mutual Fund Joins Hands With United Bank Of Indiawith United Bank of India, a leading public sector bank, for distribution of its products through the bank’s branch network.

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