Latest Indian Mutual Fund News | 10-June-2011
NEW FUND OFFER
Principal Mutual Fund files offer document with Sebi to launch Principal Pnb Fixed Maturity Plan Series A4 – Series A6 (close ended debt scheme) with 30 days to 367 days tenure. To build an income oriented portfolio and generate returns through investment in Debt/Money Market Instruments and Government Securities maturing on or before the date of the maturity of the scheme.
News Source – NAV INDIA.
Mutual funds are leaving no stone unturned to keep distributors in good humour. Asset management companies (AMCs) are paying a higher upfront fee to distribution subsidiaries of foreign and private banks nowadays to drive 'exclusive sales' of their schemes, mainly equity. This commission is in addition to the upfront and annual trail fees that mutual funds pay distributors for selling their schemes, said top AMC officials.
News Source – ECONOMIC TIMES.
The Securities and Exchange Board of India on Thursday said it planned to induct four new executive directors, who would replace some key incumbent directors handling important departments like mutual funds and secondary markets. Starting the process, Sebi invited applications for four posts of EDs, including one for legal affairs. The remaining three would be inducted for various regulatory roles at Sebi. Besides the four new executive directors, the three-year terms of two whole-time directors, M S Sahoo and K M Abraham, are also ending next month and the government has begun the process of finding replacements.
News Source – BUSINESS STANDARD.
The China Advantage fund of Mirae Asset Management, the only such rupee denominated fund for the Indian retail investors, has produced 25.53 per cent return in the year to May 31, outperforming benchmark MSCI China Index hands down. MSCI China during the period gave a return of 12.90 per cent. Mr Arindam Ghosh, CEO of Mirae Asset Management, told Business Line here on Thursday that the open-ended fund, launched on November 5, 2009, could fetch additional alpha as it did not necessarily hug the globally accepted China benchmark.
News Source – BUSINESS LINE.
NEW FUND LAUNCH
Reliance Mutual Fund has launched the New Fund Offer (NFO) Reliance Dual Advantage Fixed Tenure Fund – I – Plan L, a close ended income scheme. The NFO opens for subscription on June 10, 2011 and closes on June 24, 2011. The tenure of plan will be 3 years from the date of allotment. No entry and exit load is applicable. The scheme offers growth and dividend payout option.
News Source – LIVE MINT.
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