The month of September saw the mutual fund industry's AUM erode by around eight per cent, owing to withdrawals by corporations and banks from the income and liquid/money market schemes. The mutual fund industry saw outflows of Rs 54,801 crore in the month of September, against outflows of Rs 31,449 crore in the month of August. The liquid and income schemes have together seen net outflows of Rs 54,042 crore. According to data from the Association of Mutual Funds in India (AMFI) Web site, the assets under management of the industry stood at Rs 6.41 lakh crore as at end September, down from Rs 6.96 lakh crore in end August.
News Source – BUSINESS LINE.
ICICI Securities, the largest integrated securities firm, today announced the launch of 'Target Investment Plan' (TIP) on its online broking platform, ICICIdirect. This service would help investors take a goal-oriented approach to investing in mutual funds.
TIP is a simple method of investing in mutual funds where the amount of monthly contribution is determined by current portfolio performance and invests more when the market is low and invests less when the market is high. This method of investing helps lower the average cost of investment and has the potential of providing better returns than the regular systematic investment plan (SIP), wherein a fixed monthly investment is made in mutual funds.
News Source – FINANCIAL EXPRESS.
Quantum Mutual Fund has opened the doors to Chennai with its first offline business in Mylapore. Since its inception in 2006, Quantum Mutual Fund has continually worked for the interests of its investors – for a transparent system to launching simple products to offering the only paperless invest online platform for mutual fund investing. With a base of over 18,000 investors, Quantum has created a small, nevertheless, loyal niche for itself in an otherwise cluttered industry.
Quantum Mutual Fund is India's first and only direct-to-investor mutual fund company. When something as traditional as investing is tied to technology, it becomes imperative to support technology with an offline face as well. So, while Quantum Mutual Fund has a robust online platform for investing, their new business office is a step towards providing investors with a real world feel of investing with Quantum.
News Source – MONEY GURU INDIA.
NEW FUND LAUNCH
Sundaram Mutual Fund has announced the New Fund Offer (NFO) Sundaram Fixed Term Plan – BL, a close ended income scheme. The NFO opens for subscription on October 10, 2011 and closes on October 17, 2011. No entry and exit load is applicable for the scheme. The duration of the scheme will be 366 days from the date of allotment. The scheme offers dividend and growth option.
News Source – LIVE MINT.
Baroda Pioneer Mutual Fund has launched Baroda Pioneer 367 Day Fixed Maturity Plan-Series 2, a close-ended income scheme. The investment objective of the scheme to generate regular returns by investing in a portfolio comprising debt instruments and money market instruments maturing on or before the maturity of the scheme. The tenure of the scheme is 367 days. The new issue closes on 19 October 2011. The minimum investment amount is Rs 5,000. CRISIL Short Term Bond Fund Index is the benchmark index. Alok Sahoo and Hetal Shah are the fund managers.
News Source – MONEY LIFE.
UTI Mutual Fund has announced 19 October 2011 as the record date for declaration of dividend under the dividend option of UTI Fixed Income Interval Fund Series II Quarterly Interval Plan II. The quantum of dividend will be 100% of distributable surplus as on the record date on the face value of Rs 10 per unit.
News Source – NAV INDIA.
There has been a consistent rise in the daily traded volumes in Gold ETFs. In the last 6 months, from April to September 2011, daily average trading value in Gold ETF on NSE has jumped five times from a daily average of R18 crores in April to R92 crores in September 2011. The assets under management in Gold ETFs have also witnessed a two-fold gain year-on-year. The AUM grew from R2,850 crores in Sept 2010 to R6,119 crores at the end of July 2011 as per the latest Amfi data.
Edelweiss Mutual Fund has revised the exit load structure of Edelweiss Short Term Income Fund with effect from October 14, 2011. The revised exit load will be 0.25% if redeemed / switched out before 90 days from the date allotment and NIL after 90 days. However, the existing exit load is 0.50% if redeemed / switched out before 180days and NIL after 180 days.
News Source – VALUE RESEARCH.
NEW FUND LAUNCH
Tata Mutual Fund has announced the New Fund Offer (NFO) Tata Fixed Maturity Plan Series – 38 Scheme E, a close-ended debt scheme. NFO opens for subscription on October 18, 2011 and closes on October 20, 2011. Entry and exit load charge will be nil for the scheme. The duration of the scheme will be 732 days from the date of allotment. The scheme offers dividend and growth option.