Tata Mutual Fund has announced the declaration of dividend under quarterly dividend option in Regular Investment Plan & Institutional Plan of Tata Fixed Income Portfolio Fund – Scheme C2 (open ended debt fund). The record date for dividend has been fixed as 24 October 2011. The quantum of dividend will be entire returns generated between 30 May 2011 to 24 October 2011. The scheme recorded NAV of Rs 10.4323 per unit for regular investment plan and Rs 10.4266 per unit for institutional plan as on 17 October 2011.
News Source – NAV INDIA.
UTI Equity Fund, launched in April 1992, is a diversified equity fund with average assets under management (AUM) of Rs 1,953 crore as of quarter ended September 2011. The fund has a mandate to invest at least 80 per cent of in equity and equity-related instruments and up to 20 per cent in debt and money market instruments.
The fund is ranked CRISIL Fund Rank 1 (top 10 percentile of the peer set) in the Diversified Equity Funds category as per the Crisil Mutual Fund Ranking for the quarter ended June 2011. The fund has been ranked in the top 30 percentile of the peer group for 10 out of the past 13 quarters (exceptions were March, June, September 2010). The consistency in fund performance indicates a blend of superior performance and efficient portfolio management. It is managed by Anoop Bhaskar, who is the Head of Equity at UTI Asset Management Company (AMC).
News Source – BUSINESS STANDARD.
Edelweiss Financial Services and Japan's Tokio Marine are looking at the possibility of partnering in the asset management space. Edelweiss and Tokio Marine have an insurance joint venture company, Edelweiss Tokio Life Insurance, which began operations recently.
"Apart from insurance, we would like to be present in asset management space. Since Edelweiss is a significant player, we may be looking at partnering for an asset management company also. Edelweiss on the other hand, wants to enter the Japanese market in which we are a significant player," said Jun Hemmi, executive director, Edelweiss Tokio Life Insurance. Tokio Marine has presence in countries such as Japan, Singapore, Malaysia, Thailand and China. In India, Tokio Marine is present through its general insurance company Iffco-Tokio General Insurance.
News Source – FINANCIAL CHRONICLE.
NEW FUND LAUNCH
Birla Sun Life Mutual Fund has launched Birla Sun Life Fixed Term Plan – Series DR, a close ended income scheme. The investment objective of the scheme is to seek to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. The New Fund Offer (NFO) will be open for subscription from October 24 to October 31, 2011.
News Source – MONEY CONTROL.
UTI Mutual Fund has announced 24 October 2011 as the record date for declaration of dividend under UTI Fixed Maturity Plan-Yearly Series (YFMP 09/10) (close ended umbrella income scheme). The quantum of dividend will be 100% distributable surplus as on the record date on the face value of Rs 10 per unit.
Deutsche Mutual Fund has announced bonus under DWS Ultra Short Term Fund – Regular Plan – Bonus Option. Accordingly, the bonus units will be 2.16 units for every 10 units held. The investment objective of the scheme is to provide liquidity and generate stable returns by investing in a mix of short term debt and money market instruments. The record date for the bonus issue is 24th October 2011.
News Source – MUTUAL FUND INDIA.
Principal Mutual Fund has announced the change in the name of Principal Monthly Income Plan and Principal Money Manager Fund as Principal Debt Savings Fund and Principal Retail Money Manager Fund, respectively. The exit load will be revised for Principal Debt Savings Fund as 0.50% if redeemed on or before 91 days from the date of allotment.
News Source – VALUE RESEARCH.
NEW FUND LAUNCH
SBI Mutual fund floats a new scheme SBI Debt Fund Series – 367 Days – 8, a closed ended debt scheme. The investment objective of the scheme is to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising of debt instruments such as Government Securities, PSU & Corporate Bonds and Money Market Instruments maturing on or before the maturity of the scheme. The New Fund Offer (NFO) is priced at Rs 10 per unit which will be open for subscription on October, 20 and close on 21 October 2011.