Mutual Fund News for Today (March 10th 2011) — Morning Edition
1.Canara Robeco MF Declares Dividend For Dynamic Bond Fund.
Canara Robeco Mutual Fund has announced the declaration of dividend on the face value of Rs 10 per unit under dividend option of Canara Robeco Dynamic Bond Fund – Retail and Institutional Plan. The record date for dividend has been fixed as 15 March 2011. The quantum of dividend will be Rs 0.1697 per unit for retail plan and Rs 0.2278 per unit for institutional plan as on the record date.
News Source – NAV INDIA.
2.MFs: SEBI's exit load redefinition raises hopes of more flexible commission regime. Less than a month after UK Sinha took charge as Sebi chief, the capital market regulator has aken the first step to liven up hopes among fund houses, which have been hit by a flight of investors following severe restrictions on broker commission. In an innocuously-worded circular issued Wednesday, Sebi redefined the use of exit load by mutual funds, which will now have a little more liberty in the way they remunerate distributors. During former Sebi chairman CB Bhave's tenure, the regulator had banned entry load-the up-front fee MFs charged investors to pay distributors-and restricted the use of exit load-another fee collected from nvestors who sell out prematurely. The rules were put into effect from August 1, 2009, amid bitter resistance from MFs and distributors.
News Source – ECONOMIC TIMES.
NEW FUND LAUNCH
3.Mirae Asset India China Consumption Fund.
Mirae Asset Mutual Fund has launched Mirae Asset India China Consumption Fund, an open ended growth scheme. The new issue is open for subscription from 9th March and closes on 23rd March 2011.
News Source – AMFI INDIA.
1.Mutual funds assets rise by Rs. 25K cr.
Equity funds have continued to witness inflows for the third consecutive month, while average assets of the fund industry surged by over 2.3 per cent in the month of February. According to the data available from the Association of Mutual Funds in India (Amfi), the MF industry witnessed inflows of Rs. 25,757 crore in all the schemes with equity and money market schemes seeing inflows of Rs. 2,495 crore and Rs. 8,770 crore respectively in February.
The data from the Amfi also showed that assets under management (AUM) of the industry stood at Rs. 7.07 lakh core in February against Rs. 6.91 crore in January. The AUM was Rs. 6.65 lakh crore in 2009 and Rs. 6.26 lakh crore in 2010. Total equity assets stood at Rs. 1.59 lakh crore fall of over 4 per cent against January which was at 1.65 lakh crore.
News Source – INDIAN EXPRESS.
2.Kotak Mahindra to launch $300 mln infra funds.
India's Kotak Mahindra Group is seeking to raise private-equity funds of about $300 million from local and international investors to invest in infrastructure projects in the world's second-fastest growing major economy. Japan's Sumitomo Mitsui Banking Corp and Canada's Brookfield Asset Management will participate in the fund as cornerstone investors, with the three entities contributing up to 22.5 percent of the funds' capital, Kotak Mahindra said in a statement.
News Source – ECONOMIC TIMES.