Equity mutual funds attracted Rs 1,942 crore in net inflow in August, even as the outflow from the debt and money market funds led to a decline of 4% in the domestic mutual fund industry's total assets under management to Rs 6.97 lakh crore. Analysts credited the net inflows in equity funds, a month after the industry witnessed a net outflow of Rs 729 crore, to the cheaper valuations of stocks which offered more units to the mutual fund investors. "The near-17% fall in markets over the past nine months has given investors an opportunity to buy equities at cheaper valuations. High net worth investors have begun investing in markets; many of them are now investing in markets through mutual funds," said Vijai Mantri, managing director, Pramerica Mutual Fund.
News Source – ECONOMIC TIMES.
Taurus Mutual Fund has entered into an agreement with Punjab & Maharashtra Cooperative Bank for the distribution of its schemes, said a release from the fund house. Punjab & Maharashtra Cooperative Bank (PMC) has more than 90 branches across the country. "It has been our endeavour to offer to our customers, financial products which suit their needs, under one roof," said Mr Joy Thomas, Managing Director of PMC. As on June, Taurus Mutual Fund has assets under management worth Rs 5,021 crore.
News Source – BUSINESS LINE.
NEW FUND LAUNCH
LIC Nomura Mutual Fund has launched the New Fund Offer LIC Nomura MF Fixed Maturity Plan – Series 49, a close ended income scheme. The NFO opens for subscription on September 12, 2011 and closes on September 19, 2011. Entry and exit load charge will be nil for the scheme. The duration of the scheme will be 18 months from the date of allotment. The scheme offers dividend payout and growth option.
News Source – LIVE MINT.