Apr 24, 2008

Mutual Funds News 24 Apr 2008

24 Apr 2008 | 10:47 Kotak MF declares dividend

Kotak Mutual Fund has declared dividend under the dividend option of Kotak FMP 13M Series 2 (under both retail and institutional plan).

The fund house has fixed 29 April 2008 as the record date for the payment of dividend. It proposes the entire distributable surplus available on the record date, as dividend subject to deduction of applicable dividend distribution tax.

Pursuant to payment of dividend, the NAV would fall to the extent of dividend payout and statutory levy, if applicable. All unit holders registered on or before the record date would be eligible to receive the dividend.

The NAVs of the retail and institutional plans under the scheme, recorded as on 22 April 2008 were Rs 10.1151 and Rs 10.0931 respectively.

24 Apr 2008 | 14:27 iFast, Deutsche Bank AMC tie up

The asset management arm of global banking major Deutsche Bank and iFast Corporation Singapore have entered into an agreement to set up an independent mutual fund distribution platform in India.

The distribution platform will be for retail investors and Independent Financial Advisors, a release here stated.

iFast Corporation owns and operates Singapore's largest mutual fund investment platform for financial advisers and financial institutions.

The business will be controlled by iFast and carry its name while a local Indian team will be recruited to operate the firm.

Deutsche Bank's Asset Management division, through Deutsche Asia Pacific Holdings Pte Ltd, Singapore, will pick up a minority stake in the venture, the release added.

The venture's first offering will be the online mutual fund distribution portal Fundsupermart.com, which will allow retail investors to invest in mutual fund products of various asset management companies in India.

The portal will offer tools to users to compare mutual fund products, check the value of their holdings and perform calculations.

iFast is a proven, entirely internet-based operation which gives us tremendous competitive advantages in terms of scalability, technology and responsiveness, company Group Executive Director Moh Hon Meng said.

iFast has already expanded to Hong Kong and Malaysia.