Fundamental changes to ING MF schemes
Birla Sun Life Mutual Fund has acquired ING Mutual Fund. After the acquisition, all mutual fund schemes and portfolio management accounts of ING MF will be managed by Birla Sun Life MF. The following schemes will be merged and renamed:
ING Financial Planning Fund-Cautious Plan will be merged into ING Active Debt Multi Manager FoF Scheme and will be renamed as Birla Sun Life Active Debt Multi Manager FoF Scheme.
ING Income Growth Multi Manager FoF Scheme 15% Equity will be merged into ING Financial Planning Fund-Conservative Plan and will be renamed as Birla Sun Life Financial Planning FoF Conservative Plan.
ING Income Growth Multi Manager FoF Scheme 30% Equity will be merged into ING Financial Planning Fund-Prudent Plan and will be renamed as Birla Sun Life Financial Planning FoF Prudent Plan.
The following schemes will be merged:
ING Liquid Fund into Birla Sun Life Cash Plus.
ING Treasury Advantage Fund into Birla Sun Life Savings Fund.
ING Multi Manager Equity Fund, ING Core Equity Fund and ING RetireInvest Fund-Series I into Birla Sun Life Long Term Advantage Fund.
ING Gilt Fund-Provident Fund-Dynamic Plan into Birla Sun Life Gilt Plus - PF Plan.
ING Income Fund into Birla Sun Life Income Plus.
ING Short Term Income Fund into Birla Sun Life Short Term Fund.
ING MIP Fund into Birla Sun Life MIP Fund.
ING Dividend Yield Fund into Birla Sun Life Dividend Yield Plus Fund.
ING Large Cap Equity Fund into Birla Sun Life Top 100 Fund.
ING Midcap Fund into Birla Sun Life Small & Midcap Fund.
The following schemes will be renamed:
ING Tax Savings Fund will be renamed as Birla Sun Life Tax Savings Fund.
ING Balanced Fund will be renamed as Birla Sun Life Dynamic Asset Allocation Fund.
ING Global Commodities Fund will be renamed as Birla Sun Life Global Commodities Fund.
ING Global Real Estate Fund will be renamed as Birla Sun Life Global Real Estate Fund.
ING Latin America Equity Fund will be renamed as Birla Sun Life Latin America Equity Fund.
ING 5 Star Multi Manager FoF Scheme will be renamed as Birla Sun Life 5 Star Multi Manager FoF Scheme.
ING Asset Allocator Multi Manager FoF Scheme will be renamed as Birla Sun Life Asset Allocator Multi Manager FoF Scheme.
ING Financial Planning Fund-Aggressive Plan will be renamed as Birla Sun Life Financial Planning FoF Aggressive Plan.
ING Financial Planning Fund-Conservative Plan will be renamed as Birla Sun Life Financial Planning FoF Conservative Plan.
ING Financial Planning Fund-Prudent Plan will be renamed as Birla Sun Life Financial Planning FoF Prudent Plan.
ING Active Debt Multi Manager FoF Scheme will be renamed as Birla Sun Life Active Debt Multi Manager FoF Scheme.
Key personnel changes
Birla Sun Life Mutual Fund informed that Birla Sun Life Short Term Opportunities Fund is now being jointly managed by Kaustubh Gupta and Sunaina da Cunha.
BOI AXA Mutual Fund appointed Saurabh Kataria as the new fund manager for equity portion of BOI AXA Equity Debt Rebalancer Fund. From September 11, the scheme is being jointly managed by Piyush Baranwal (debt) and Saurabh. Earlier, the equity portion was being managed by David Pezarkar.
LIC Nomura Mutual Fund appointed Kunal Jain as the new fund manager of LIC Nomura MF Bond Fund, LIC Nomura MF Government Securities Fund, LIC Nomura MF Interval Series 1-Monthly, LIC Nomura MF Interval Series 1-Yearly, LIC Nomura MF Interval Series 1-Quarterly, and LIC Nomura MF Interval Series 2-Quarterly from September 09, 2014.
New scheme launches
Deutsche Mutual Fund launched DWS Corporate Debt Opportunities Fund, an open ended debt scheme. The NFO period is from September 9 to September 23, 2014. Its performance will be benchmarked to CRISIL Short Term Bond Fund Index and will be managed by Nitish Gupta.
JP Morgan Mutual Fund launched JPMorgan India Corporate Debt Opportunities Fund, an open ended income scheme. The NFO period is from September 8 to September 17, 2014. Its performance will be benchmarked to CRISIL Short Term Bond Fund Index and will be managed by Namdev Chougule and Ravi Ratanpal.
Change in scheme structure
Birla Sun Life Mutual Fund will change fundamental attributes of Birla Sun Life Short Term Fund from October 10, 2014. From the said date, the scheme will invest upto 100% of assets in debt and money market instrument, out of which 80%-100% in securities with less than 3 years residual maturity and upto 20% in securities with less than 5 years residual maturity with low to medium risk profile. Due to this fundamental change, existing investors can exit without paying any exit load between September 8 and October 9, 2014.
Changes in exit load
Reliance Mutual Fund will stop charging exit load under Reliance Income Fund from September 18, 2014. Currently it charges an exit load of 1% if units are redeemed within 9 months. Meanwhile, under Reliance Short Term Fund, it will begin charging an exit load of 0.50% from the same date if units are redeemed within 3 months. It currently charges 0.50% if units are redeemed within 6 months.
DSP BlackRock Mutual Fund will revise exit loads under the following schemes from October 01, 2014. Under DSPBR Short Term Fund, it will begin charging 1% if units are redeemed within 12 months. Under DSPBR Income Opportunities Fund, it will begin to charge 2% if units are redeemed within 12 months, 1% if redeemed between 12-24 months and 0.50% if redeemed 24-36 months. Under DSPBR Small & Mid Cap Fund, it will charge 1% if units are redeemed within 18 months. Under DSPBR Focus 25 Fund, DSPBR India T.I.G.E.R. Fund, DSPBR World Gold Fund, DSPBR World Energy Fund, DSPBR World Mining Fund, DSPBR World Agriculture Fund, DSPBR US Flexible Equity Fund and DSPBR Global Allocation Fund, it will charge 1% if units are redeemed within 24 months.
Deutsche Mutual Fund has begun charging an exit load of 1% under DWS Medium Term Income Fund to for redemption within 12 months and 0.50% for redemption within 12-24 months from September 10, 2014. Earlier, it charged 1% for redemption within 12 months.
IDFC Mutual Fund will begin charging an exit load of 1% under IDFC Super Saver Income Fund-Medium Term Plan for redemption within 1 year of allotment, 0.75% for redemption between 1 year and 2 years and 0.50% for redemption between 2 years and 3 years from October 01, 2014. Currently it charges 1% for redemption within 18 months.
Dividends declared
ICICI Prudential Mutual Fund declared dividend under ICICI Prudential Value Fund - Series 3. The quantum of dividend is Rs 0.75 per unit with the record date set as September 12, 2014.
SBI Mutual Fund declared dividend under the dividend option of SBI Magnum Multiplier Plus Scheme. The quantum of dividend is Rs 11.50 per unit with the record date set as September 12, 2014.
Franklin Templeton Mutual Fund declared dividend under the dividend option of Templeton India Equity Income Fund. The quantum of dividend is Rs 0.7 per unit with the record date set as September 12, 2014.
Birla Sun Life Mutual Fund declared dividend under the dividend option of Birla Sun Life New Millennium Fund. The quantum of dividend is Rs 1.6 per unit with the record date set as September 12, 2014.
IDBI Mutual Fund declared dividend under the dividend option of IDBI Equity Advantage Fund. The quantum of dividend is Rs 1 per unit with the record date set as September 17, 2014.
