1.Franklin Templeton Mutual Fund announces revision in fund management responsibilities (On March 2 , 2012).
Franklin Templeton Mutual Fund has announced revision in fund management responsibilities, with effect from 1st March 2012. Accordingly, Mr. R. Sukumar, Managing Director and Chief Investment Officer – Asian Equity, ceases to be the fund manager of Franklin Asian Equity Fund on account of internal restructuring. Ms. Roshi Jain shall continue to be the fund manager for the scheme.
News Source – MUTUAL FUNDS INDIA.
2.Mutual funds' gold bandwagon grows.
As gold prices continue to rise, more asset management companies (AMCs) that run mutual fund schemes have begun to launch gold-related plans. Birla Sun Life Asset Management Company, the fourth-largest asset management firm in the country, has launched a gold fund and Motilal Oswal Asset Management Company has launched gold Exchange Traded Fund (ETF), while Canara Robeco Asset Management Company is also planning to roll out gold ETF.
News Source – HINDUSTAN TIMES.
Axis Mutual Fund launched a new close ended income fund called "Axis Fixed Term Plan – Series 21 (394 Days)", with maturity time of 394 days. The New Fund Offer (NFO)price for the scheme was Rs 10 per unit and NFO opened on March 6, and will close on the same day. According to the offer document filed with SEBI, the entry load was nil and since the scheme was planned to be listed on the Stock Exchange or any other exchange, the exit load charge will not be applicable. This suggests that the investors wishing to exit may do so through stock exchange mode.
News Source – MONEY REDIFF.
NEW FUND LAUNCH
4.Reliance MF Floats Reliance Fixed Horizon Fund – XXI – Series 10.
Reliance Mutual Fund has launched a new fund named as Reliance Fixed Horizon Fund – XXI – Series 10, a close ended income scheme with the duration of 369 days fromthe date of allotment. During the New Fund Offer (NFO) the scheme will offer units at Rs 10 per unit. The new issue will be open for subscription from 6 March and will close on 12 March 2012.
News Source – INDIA INFOLINE.