Appointment of key AMC personnel
HDFC Mutual Fund appointed Miten Lathia as the co-Fund Manager of HDFC Capital Builder Fund along with Chirag Setalvad from May 10, 2012. Thus, Miten will be re-designated as fund manager for equities, thus ceasing to be the dedicated fund manager for overseas investments. Rakesh Vyas, currently Senior Equity Analyst, will be re-designated as fund manager for foreign equities.
Daiwa AMC appointed N. Seuthuram Iyer as the associate director on the board of Daiwa AMC from May 1, 2012. Prior to this new role, he was the Chief Investment Officer of the AMC.
New fund to be launched
BNP Paribas Mutual Fund will launch BNP Paribas Income & Gold Fund with an investment objective ‘to generate income from a portfolio constituted of debt and money market securities, along with investments in Gold Exchange Traded Funds (GETFs).’ The NFO period will be from May 17 till May 31, 2012. An exit load of 1% will be charged if units are redeemed/ switched out within 12 months of allotment, 0.50% between 12 months - 18 months and nil thereafter. Its performance will be benchmarked against CRISIL Short Term Bond Fund Index and the price of gold in the ratio of 3:1 and will be managed by Puneet Pal.
Change in scheme plans and offering
HDFC Mutual has some changes under HDFC Liquid Fund effective May 11, 2012. From then onwards, HDFC Liquid Fund-Premium Plus Plan has discontinued the weekly dividend option and will offer only the growth option. It has also revised minimum application amount to Rs 1 crore from Rs 5 crore earlier.
IDFC Super Saver Income Fund-Short Term has changed the minimum subscription amount under Plan D from May 7, 2012 to Rs 15 crore and in multiples of Re 1 thereafter.
Deutsche Mutual Fund revised the minimum investment amount under DWS Premier Bond Premium Plus Plan from May 9, 2012 to Rs 5 crores and in multiples of Re 1 thereafter from Rs 1 lakh earlier.
Baroda Pioneer Mutual Fund will change the asset allocation pattern of Baroda Pioneer Short-term Bond Fund from June 15, 2012. From then on, the scheme may invest 65-100% in debt securities with a residual maturity of upto 24 months while the remaining may be invested in debt securities with a residual maturity of greater than 24 months but less than 60 months. Currently, the scheme invests 60-100% in debt securities with a residual maturity of 1-3 years and the rest in securities with less than 1 year of residual maturity. Due to this fundamental change, investors can exit the scheme without paying any exit load between May 11 and June 10, 2012.
Dividend declared
ICICI Prudential Mutual Fund declared dividend under the half yearly dividend option of ICICI Prudential Multiple Yield Plan E. The quantum of dividend will be Rs 0.2479 per unit with the record date set as May 14, 2012.
