Goldman Sachs Asset Management Company said on Wednesday that it would acquire Benchmark Mutual Fund, an ETF-focussed Indian fund house. Benchmark mutual fund manages assets worth around Rs 3000 crore. The deal would be finalized by the end of the year, subject to regulatory approvals, said a statement from Goldman Sachs.
An official associated with the deal said Goldman would pay Rs 130.5 crore or approximately 4.3 per cent of Benchmark's average assets under management (AUM). All Benchmark employees would be retained by the new management, he added. Regulatory approval is expected in the next 3-4 months.
News Source – BUSINESS LINE.
NEW FUND LAUNCH
IDBI Mutual Fund has announced the launch of IDBI Short Term Bond Fund, an open-ended debt scheme. The New Fund Offer (NFO) price for the scheme is Rs. 10 per unit. The new issue will be open for subscription from 17th March and closes on 22nd March 2011.
News Source – MUTUAL FUND INDIA.
NEW FUND OFFER
Sundaram Mutual Fund has filed offer document with Sebi to launch Sundaram Capital Protection Oriented Fund 2 Years (Series 1), a closed-end capital protection oriented scheme. The objective of this Scheme would be to seek income and minimise risk of capital loss by investing in a portfolio of fixed income securities. The scheme may invest a part of the assets in equity to seek capital appreciation.
News Source – NAV INDIA.
HDFC Mutual Fund has declared dividend under HDFC Equity Fund and HDFC Long Term Equity Fund, on the face value of Rs 10 per unit. The quantum of dividend for distribution is Rs 4 per unit. HDFC Equity Fund is an open-ended growth scheme with an investment objective to achieve capital appreciation. HDFC Long Term Equity Fund is an open-ended equity scheme and has the investment objective to achieve long term capital appreciation. The record date for dividend distribution is 22nd March 2011.