1.India, Pak MF bodies look at cross-border investment.
In what promises to be a landmark first step, the mutual fund industries of India and Pakistan have agreed to explore the possibility of promoting each other as investible asset classes in the two countries. This unanimity of views was arrived at after a group of top officials from Pakistan's capital market met with top office bearers of the Association of Mutual Funds in India (AMFI), the fund industry trade body, here on Monday.
News Source – TIMES OF INDIA.
Goldman Sachs (GS.N) said it struck a deal to acquire a mutual fund specializing in dividend-paying stocks, citing investor demand for income-generating strategies to sustain them in turbulent, no-growth markets. Goldman Sachs Asset Management will buy Dividend Growth Advisors LLC's $153 million Rising Dividend Growth Fund (ICRDX.O) for an undisclosed sum. It is the second acquisition announced this year by the division, which historically has preferred to build up its business internally.
News Source – REUTERS.
Financial services group IDFC has sold 25 per cent stake in its mutual fund business to French major Natixis Global Asset Management (NGAM) for an undisclosed amount. Accordingly, the company said that 25 per cent of the total issued and paid-up equity share capital of each of IDFC Asset Management Company and of IDFC AMC Trustee Company, plus one share of each of these companies have been transferred to NGAM. The new partnership would help IDFC AMC reach international investors interested to pump money into Indian equity markets, the company said in a statement.
News Source – ECONOMIC TIMES.
Axis Mutual Fund has announced to revise exit load structure under Axis Short Term Fund, an open ended debt scheme. Accordingly, the revised structure of an exit load of 0.25% will be charged if units are redeemed or switched out within 1 month from the date of allotment. No load shall be levied on switches between plans and options of the scheme and also on units allotted on reinvestment of dividends. The change in load structure will be effective on a prospective basis. The revised exit load structure will be effective from 14th December 2011.
News Source – MUTUAL FUND INDIA.
NEW FUND LAUNCH
Edelweiss Mutual Fund has launched a new fund named as Edelweiss Fixed Maturity Plan – Series 4, a close ended income scheme with the duration of 91 days. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue which is open for subscription from 12 December will close on 15 December 2011.
News Source – NAV INDIA.