Latest Indian Mutual Fund News | 05-Dec-2011
1.BoI to buy 51% in Bharti AXA MF.
State-run Bank of India (BoI) has agreed to pick up a 51% stake in Bharti AXA Mutual Fund for an undisclosed amount. With the acquisition, Bharti Enterprises, which has about 25% stake in the fund house, will exit the asset management business. Bharti AXA Investment Managers is the asset management arm to Bharti AXA Mutual Fund, which is owned by telecom major Bharti Airtel and French financial services giant AXA Group.
Last month, Bharti Enterprises and Reliance Industries talks failed on the stake sale in Bharti AXA insurance companies due to differences over issues related to long term vision and joint governance. With the acquisition of the stake BoI will re-enter mutual fund business. The bank was in the mutual fund business in 1990.
News Source – TIMES OF INDIA.
2.Mirae Asset looks to tap China's ETF market.
The Hong Kong subsidiary of South Korea's leading mutual fund manager Mirae Asset Financial Group said Monday it is looking to tap China's Exchange-traded fund (ETF) market, in a move to expand its presence in the world's No. 2 economy. Woong Park, chief executive officer of Mirae Asset Global Investments (MAGI), the company's international arm in Hong Kong, said Mirae Asset has submitted an application to the Chinese government to begin a joint venture in China.
"ETF products will help the company to immediately enter the Chinese financial market," he said. "China's rapid growth has driven inflation upward. An asset management company may consider some inflation-related products, in order to hedge against inflationary pressures in the country." ETFs are securities tracking an index while having the flexibility of trading like a stock. Similar to an index fund, an ETF represents a basket of stocks that reflect an index.
News Source – YONHAP NEWS AGENCY
NEW FUND LAUNCH
3.Tata Fixed Maturity Plan Series 38 Scheme F (548 Days) Floats On.
Tata Mutual Fund has launched a new fund named as Tata Fixed Maturity Plan Series 38 Scheme F, a close-ended debt scheme with the duration of 548 days from the date of allotment. The New Fund Offer (NFO) price for the scheme is Rs. 10 per unit. The new issue will be open for subscription from 5 December 2011 and closes on 14 December 2011.
News Source – NAV INDIA.
4.India's economic growth will still be respectable 7.50% for FY12: Tata Mutual Fund.
Tata Mutual Fund expect the global economy to continue to grow at sub-par levels over the next few years due to the uncertainty over the US recovery, sovereign debt crisis in Europe and fragile recovery in Japan.
Tata Mutual Fund has earned the trust of lakhs of investors with its consistent performance and world-class service. Tata Mutual Fund manages around Rs 226.33bn (average AUM for the quarter of July – September 2011) worth of assets across its varied offerings. Tata Mutual Fund offers an investment option for everyone, whether you are a businessman or salaried professional, a retired person or housewife, an aggressive investor or a conservative capital builder. The Tata Asset Management philosophy is centred on seeking consistent, long-term results. Tata Asset Management aims at overall excellence, within the framework of transparent and rigorous risk controls.
News Source – INDIA INFOLINE.
NEW FUND LAUNCH
5.Union KBC Fixed Maturity Plan – 92 Days – Series 2 Floats on.
Union KBC Mutual Fund has launched a new fund named as Union KBC Fixed Maturity Plan – 92 Days – Series 2, a close ended income scheme. The duration of the scheme is 92 days from date of allotment. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 5 December and will close on 7 December 2011.
6.IDBI MF introduces IDBI FMP – Series II – 540 Days (December 2011) – A.
IDBI Mutual Fund has announced the New Fund Offer (NFO) IDBI FMP – Series II – 540 Days (December 2011) – A, a close ended income scheme. The NFO opens for subscription on December 5, 2011 and closes on December 13, 2011. No entry and exit load charges is applicable for the scheme. The duration of the scheme will be 540 days from the date of allotment of units. The scheme offers dividend payout and growth option.
News Source – LIVE MINT.https://www.investmentkit.com/articles/2011/12/latest-indian-mutual-fund-news-05-dec-2011/https://www.investmentkit.com/articles/wp-content/uploads/2011/09/news.jpeghttps://www.investmentkit.com/articles/wp-content/uploads/2011/09/news.jpegMutual FundsAsset,asset management business,axa investment managers,Bharti,bharti airtel,mirae asset,Mutual,mutual fund business,mutual fund news,News,schemeGENERAL1.BoI to buy 51% in Bharti AXA MF.State-run Bank of India (BoI) has agreed to pick up a 51% stake in Bharti AXA Mutual Fund for an undisclosed amount. With the acquisition, Bharti Enterprises, which has about 25% stake in the fund house, will exit the asset management business....Admin[email protected]AdministratorInvestmentKit Articles
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