SEBI may be looking to use "market pressure" to get mutual fund houses to reduce the number of schemes run by them. According to market sources, SEBI wants information on fund managers' performance and the schemes managed by them put in the public domain, so that investors themselves can then demand a reduction in the number of schemes handled by the fund managers.
By an August 22 circular, SEBI has asked fund houses to disclose the performance of all schemes managed by a single fund manager. This pressure tactic is one of the attempts by the regulator to bring about a consolidation of current schemes that now number over 3,000.
News Source – BUSINESS LINE.
Even as equity markets continue to fluctuate amid global economic concerns, asset management companies are betting big on Gujarat market for increasing their customer base and generate more business. Private sector mutual fund company, ICICI Prudential Mutual Fund is eyeing to increase its retail penetration in Gujarat, where the company has largest presence among other states.
News Source – BUSINESS STANDARD.
NEW FUND LAUNCH
Baroda Pioneer Mutual Fund has launched the New Fund Offer (NFO) Baroda Pioneer 90 Day Fixed Maturity Plan – Series 4, a close ended debt scheme. NFO opens for subscription on September 15, 2011 and closes on September 19, 2011. Entry and exit load charge will be nil for the scheme. The scheme offers dividend payout and growth option. The scheme will be benchmarked against CRISIL Liquid Fund Index. The minimum application amount is Rs 5000 and in multiple of Rs 1 thereafter.
News Source – LIVE MINT.